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SW Lake, IL April 2024

Page 1

The Investment Issue

APRIL 2024
20982 N Buffalo Run St, Kildeer 3524 Long Grove Rd, Long Grove 2 Harvard Ln, Hawthorn Woods A SNAPSHOT OF FEBRUARY HOME SALES IN SW LAKE COUNTY** • FREE STAGING • Custom Tailored Marketing • Local and Global Exposure • Accompanied Showings • Concierge Service from Initial Contact through Final Sale (and longer) 847.612.0027 reneeclarkhomes.com WHEN MARKETING MATTERS CONTACT RENEE CLARK HOMES! #1 BROKERAGE IN LAKE COUNTY* | 170+ FIVE STAR ZILLOW REVIEWS | $263,000,000+ IN LIFETIME TEAM SALES^ It’s the spring market make your best move with us! “Working with Renee was an absolute pleasure and I highly recommend her for her outstanding service... Renee’s market knowledge, negotiation skills and strategic planning undoubtedly played a crucial role in the selling of our home. She turned what could have been a stressful experience into a smooth and successful transaction!” - Valerie H. *#1 Closed Sales Volume, Residential Properties (Detached & Attached) from 01/01/2023 - 12/31/2023. **Broker Metrics, LLC. MLS statistics from 02/01/2024 - 02/29/2024. All information herein has not been verified and is not guaranteed. Featured properties may not be listed by the agent/office providing this data. Supplied by Renee Clark, @properties Christie’s International Real Estate. ^MRED, LLC, based on closed sales data, 01/01/2003 - 12/31/2023. SUBDIVISION LIST SOLD SP:LP LMT BD/BA Edgebrook Downs $949,900 $1,010,000 106% 6 3+1/3.0 Lakeland Estates $399,999 $408,000 102% 6 4/3.0 Tower Lakes $649,500 $660,000 102% 6 5/4.1 Lake Eleanora Estates $747,000 $757,000 101% 6 5/3.1 The Squires $675,000 $680,000 101% 5 4/2.1 Fairhaven $695,000 $700,000 101% 4 5/3.0 Eastwood $829,000 $830,000 100% 59 4/2.1 Evergreen Pointe Kildeer $1,299,000 $1,300,000 100% 15 4/4.2 Cedar Creek $599,000 $599,000 100% 6 4/2.2 Chestnut Corners $585,000 $585,000 100% 5 4/2.1 FOR SALE! FOR SALE! UNDER CONTRACT!

Why ROI Matters

Investment by definition is the act of devoting time, effort, energy or finances to a particular undertaking with the expectation of a profitable result.

We invest in a lot of things — community, relationships, finances, and health — with the intent that the effort will have a positive and sustainable impact.

We know that SW Lake readers make an investment in the community whenever they support our advertisers by shopping local or purchasing local services. The chambers of commerce in Lake Zurich and Barrington support local businesses with a variety of programs that also helps to boost the local economy.

Taxpayers support our outstanding schools that span from Countryside Elementary in Barrington Hills to Stevenson High School in Lincolnshire (and lots in between). An example of that support is showcased in this issue with the opening of the Lake Zurich Young Adults Center in a repurposed District 95 administrative building.

Volunteers are always investing in the community, and few groups have been doing it longer than Caring Women's Connection. In this issue, you can read how the organization morphed into a charitable service group after starting as a women's social club.

Our Editor Stephen Neilson personally interviewed Shawn Nelson, CEO of Lovesac, about his investment: a teenage side hustle of making retro-cool, comfy, oversized "not-beanbag" chairs that morphed into his investment of a lifetime, celebrating his personal and the company's growth (~270 outlets nationwide) in his just-released book "Let Me Save You 25 Years: Mistakes, Miracles, and Lessons from the Lovesac Story." It was interesting and rewarding to see a product manufacturer implement "Designed For Life" (as in, products guaranteed for a lifetime) as a "backlash against planned obsolescence and unsustainable practices" to drive its stated mission to build "The most beloved brand in America".

Financial investing is always a sound practice, and Mark Hornok of Edward Jones shares a story about the benefits of saving for your child's college education.

At the end of the day, investing in family and relationships provides the greatest ROI (return on investment). Giving time and effort to the people in our lives that mean the most to us has the most meaningful impact to not only ourselves, but to the people closest to us.

April 2024

Michael Beightol | michael.beightol@citylifestyle.com EDITOR

Stephen Neilson | stephen.neilson@citylifestyle.com STAFF WRITER

Christina Sikorski

CONTRIBUTING WRITERS

Danielle Boreczky, Chris Geimer, Mark Hornok, Stephen Neilson, Christina Sikorski

CONTRIBUTING PHOTOGRAPHERS

Michael Beightol, Carrianne Hornok, Stephen Neilson, Christina Sikorski, Dave Wagner

Corporate Team

CHIEF EXECUTIVE OFFICER Steven Schowengerdt CHIEF OPERATING OFFICER Matthew Perry

DIRECTOR OF HR Janeane Thompson

OF FIRST IMPRESSIONS Jennifer Robinson

DIRECTOR Josh Klein AD DESIGNER Laura Williams

DESIGNER Kirstan Lanier

LIFESTYLE LETTER
CITYLIFESTYLE.COM/SWLAKE LIFESTYLE LETTER SW Lake Lifestyle™ is published monthly by Lifestyle Publications LLC. It is distributed via the US Postal Service to some of the SW Lake area’s most affluent neighborhoods. Articles and advertisements do not necessarily reflect Lifestyle Publications’ opinions. No portion of this magazine may be reproduced in any form without written consent. Lifestyle Publications does not assume responsibility for statements made by advertisers or editorial contributors. Information in SW Lake Lifestyle™ is gathered from sources considered to be reliable, but the accuracy of all information cannot be guaranteed. Proverbs 3:5-6
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inside the issue APRIL 2024 | INVESTMENT Departments Lovesac CEO Shawn Nelson "sac'ed out" and celebrating at Times Square as his furniture company debuts on the Nasdaq stock exchange. Photography: Shawn Nelson On the Cover 4 Lifestyle Letter 8 City Scene 10 Education Corner EDUCATION 14 Must See LIFE + CULTURE 22 Financial Buzz FINANCE + LEGAL SERVICES 24 Inspired By LIFE + CULTURE 26 Money Matters FINANCE + LEGAL SERVICES 32 Events Investing in Experiences: Last Total Eclipse for 20-Years Coming Soon Preparing for the Total Solar Eclipse with Help from the Lake County Astronomical Society. Shawn Nelson’s Investment of a Lifetime “Let Me Save You 25 Years: Mistakes, Miracles, and Lessons from the Lovesac Story.” Can You Benefit from Investing in a 529 Plan? College Costs Continue to Escalate. It’s Never Too Early to Start a Savings Plan. 65 Years of Investing Care for the Community Since 1958 Caring Women’s Connection Has Invested in Lake County By Helping Others. Featured 10 14 22 24 24 14 22 10 6
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city scene

1: Officials join Superintendent Kelley Gallt to open the new Young Adult Center. 2: The Center, serving special needs students 18-22 years old, opened in February. 3: Culinary skills are taught in a modern new kitchen. 4: School Board President Doug Goldberg (right) joins community leaders in touring the center. 5: Transition students gave opening remarks with support from teachers and mentors. 6: Looking right at home in the new student lounge. 7: The neatly-appointed center is in a repurposed building (formerly the district administrative building).
WHERE NEIGHBORS CAN SEE AND BE SEEN APRIL 2024 Want to be seen in the magazine? TAG YOUR INSTAGRAM PHOTOS WITH @SWLAKELIFESTYLE
by Michael Beightol CITY SCENE 1 2 3 4 5 6 7 8
Photography
Summer Day Camp For kids ages 4 – i2 www.GoodTimesLibertyville.com • 847.680.4884 www.GoodTimesLibertyville.com • 847.680.4884 Swimming Friends FieldTrips Check out good times’ Awesome Flexibility Plans . I can sign up my camper for any days i want! A Sensational Summer Awaits! June i0th to August 9th Convenient locations • Libertyville & Wheeling • Several shuttle locations, including Lake Zurich The most fun, non-stop schedule around! Proudly Providing Beautiful Smiles General and Cosmetic Dentistry Quality Dentistry for the Whole Family Healthy Smiles for a Healthier Life Exams & Cleanings / Oral Cancer Screenings Placing & Restoring Implants / Whitening LANAP LAPIP (Laser Dentistry) / Veneers Extractions including Wisdom Teeth Crowns & Bridges / Fillings & Bondings Dentures / Root Canals / Fluoride Treatments regencydentalcare.com (847) 776 - 8700 1332 W. Northwest Highway (Entrance 5) Palatine, IL 60067 V regencydentalcare 9 | CITYLIFESTYLE.COM/SWLAKE APRIL 2024

Totality Awesome Eclipse Coming Up Investing in Experiences:

PREPARING FOR THE TOTAL SOLAR ECLIPSE WITH HELP FROM THE LAKE COUNTY ASTRONOMICAL SOCIETY.

EDUCATION CORNER | EDUCATION
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LCAS teaching telescope skills viewing the moon from Lake Zurich.

Mark your calendars: Monday, April 8 is the next total solar eclipse. (Note: it's the last one viewable in the US until 2044.) As defined by the National and Aeronautic Space Agency (NASA), a total solar eclipse occurs when the moon passes between the Earth and the sun, thus completely blocking the sun and darkening the skies as though it were nightfall or daybreak. (Note: the photo immediately above left by SWL Editor Stephen Neilson, taken during the most recent total eclipse in Illinois in the middle of an otherwise-bright afternoon, captures the dramatic impact when totality is complete.)

Here in Lake County, a group of amateur astronomers is promoting astronomy in our community. Tony Yelk currently serves as Vice President of the Lake County Astronomical Society (LCAS). Founded in 1982, LCAS provides outreach to residents through “star parties” and programs like “Astronomy Under the City Lights.”

Yelk says, “My work with the Lake County Astronomical Society came about as a merger of an interest in astronomy and a desire to get involved in community outreach back in 2012. It was more than just a club of enthusiasts meeting every month. These were individuals that were passionate about sharing the wonders of the night sky with the public. It was a perfect match, and I have enjoyed working with the organization ever since.”

LCAS partners with local libraries, such as the Ela Area Public Library, to introduce patrons to the night sky and answer questions in a comfortable and familiar environment. LCAS also helps make telescopes

Most recent full solar eclipse in Illinois: August 21, 2017, photographed by Stephen Neilson. Be sure to use approved solar viewers to see the eclipse.
11 | CITYLIFESTYLE.COM/SWLAKE APRIL 2024
Star Trails and Astronomy Trails: 5 hour exposure by Dave Wagner, LCAS.
CONTINUED >
"These telescopes are a great way to introduce kids to the night sky and astronomy. Watching the planets in the night sky is also something families can do together and does not require any equipment."

available to patrons to use at home as part of the LoanStar circulation program. Check your local library for availability. Ela cardholders may check out an Orion telescope for home use for a loan period of three weeks.

Yelk elaborates, “These telescopes are a great way to introduce kids to the night sky and astronomy. Watching the planets in the night sky is also something families can do together and does not require any equipment. Is that a star or a planet? Watching the planets move through the sky is a great way to learn about their orbits. What you see at night changes over the course of the year.”

Ready to learn more? LCAS meets the third Friday of every month at the Volo Bog Visitor Center in Ingleside. Meetings are free, open to the public, and feature a guest speaker discussing astronomy-related topics.

LCAS’ largest outreach program is coming up on Saturday, May 18, when they hold Astronomy Day at the Ela Area Public Library. This family-centric event runs all day and includes presentations, informative displays, and kid's activities, like the ever-popular comet experience with dry ice.

Finally, as you prepare for the solar eclipse on April 8, NASA.gov stresses safety first. To observe and enjoy the solar eclipse, the first step is protective eyewear. Whether during the eclipse or not, never look directly at the sun. Purchase specialized solar viewers or visit NASA’s website to learn how to make a pinhole projector at home.

Get pumped up for the next solar eclipse. It will be totality awesome!

To learn about future LCAS events, visit LCAS-Astronomy.org. To prepare for the total solar eclipse, visit Science.NASA.gov/eclipses/ future-eclipses/eclipse-2024

EDUCATION CORNER | EDUCATION
LCAS hosting Astronomy Day at the Ela Area Public Library.
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"LET ME SAVE YOU 25 YEARS: MISTAKES, MIRACLES, AND LESSONS FROM THE LOVESAC STORY."

Shawn Nelson's Investment of a Lifetime

MUST SEE | LIFE + CULTURE
Vantastic early days (note groovy van logo). "Principles matter. People matter. You matter. Everything else is dust." Shawn Nelson with wife Tiffany and (L-R) Duke, newborn Valentine, Lucky, and Pepper.
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Nelson with Sir Richard Branson after winning $1 million on Branson's "The Rebel Billionaire".
“The craziest [ideas] can often lead us down sideways paths to the places where the most novel ideas grow... Brainstorm. Ask people what they think. Don’t be shy. Try things on.

Shawn Nelson is the founder and CEO of The Lovesac Company which he founded in 1998 originally in Salt Lake City, Utah. He holds a BA from the University of Utah in Mandarin Chinese and a Master’s in Strategic Design and Management from Parsons, The New School for Design, in New York City, where he later became an instructor in the graduate program. He is an avid reader, musician, outdoorsman, and outspoken ambassador for sustainability and the “Buy It For Life” movement focused on sustain-ability — things that can actually sustain. Nelson lives in St. George, Utah, with his wife, Tiffany, and their children: Lucky, Duke, Pepper, and Valentine.

Nelson's company has been an innovator in the home furnishing space, including making furniture ("sactionals") that is completely modular and reconfigurable, even embedding speakers, subwoofers and wireless phone chargers ("StealthTech® Sound + Charge") into certain modules to create an immersive 4D sound environment you can hear and feel, but can't see. His new book, "Let Me Save You 25 Years: Miracles, Mistakes, and Lessons From The Lovesac Story," became an Amazon #1 Bestseller. I contacted him after reading it with questions on behalf of SW Lake's readers, and he promptly responded.

SW Lake: On first view, I was immediately taken with its neat symmetry: titled “Let Me Save You 25 Years,” celebrating your life-work’s 25-year anniversary with a tightly- yet expressively-written 25-chapter book, each highlighted with 25 matching life lessons (which you’ve coined “Shawnisms”). I found it both a quick read yet an inspirational, thought-provoking testimony to perseverance and commitment to (and discovery of) one’s core beliefs. How did you manage to wrap such a tight bow around this crazy rollercoaster ride of an 18-yearold’s side-hustle business with all its epic highs and tragic lows, as it evolved into your (so far) life’s work?  Shawn Nelson: Hahahhhaa… Thank you. Well, I began writing the WHOLE story, including all the goriest details to give it plenty of truthful and useful

moments. I was 100 pages in and found myself still working on the year 2001… I pretty quickly decided not too many people would read all that, so I challenged myself to write this long story in the shortest way possible. Over so many years I’ve developed these “Shawnisms” that I end up repeating to co-workers and young people, and they’ve all stemmed from real experience, are pithy and I think, useful. Meanwhile, I read EVERY good business and personal development book… and decided I wanted to do something kind of different. So, there you have it, all rolled up into one!

SWL: You tossed your hat in the ring for a chance to win Richard Branson’s globe-trotting, groundbreaking business competition reality show, “The Rebel Billionaire," and… you won. A million dollars (in 2004 money), at age 27. How do you look back at that meteoric moment?

Nelson: Oh man. When I was handed that check for $1 million, I had amassed $2 million in debt having built all of these fledgling stores, etc.; BUT, it certainly didn’t hurt. It became a pivotal moment for me and the brand, and I don’t know if we would have even survived without it. Grateful it worked out — but it isn’t all luck. I had unwittingly prepared my whole life to show up well on that show. So, we’ll take the win. Just another day in the story!

SWL: Mark Cuban's investment in you to revive his dated movie theater location on Dallas's "Lovers Lane" was a pretty significant opportunity. Your lesson in that chapter was, "Talk big, work small"; tell us more about how that came about, and for those of us unlikely to see the name “M. Cuban" pop up on our caller ID, what's our takeaway?

Nelson: So many of my little "Shawnisms" tie together. I've found over and over again that by talking big — just putting even my wildest ideas out there in verbal form for others to hear and react to, has created luck. You may have to put 100 ideas out there to get one that finds soil, takes root, and leads to something, but just by SAYING things

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“ ”

In the sac on Times Square: IPO launched on Nasdaq.

I’d still give our Lovesac an A+... [it] has held up incredibly well over the last two years.
- Bailey Berg review for Architectural Digest (2.23.2024)
Mark Cuban asked Nelson to transform his Inwood Theater; Lovesac complied.
MUST SEE | LIFE + CULTURE 16

you otherwise THINK, you’re putting things out there for others to grab onto, react to, or even shoot down — which can help you revise and pivot, which is also useful.

Put things out there. Be bold. Fortune favors the bold.

SWL: You mentioned what you called “the most valuable insight for Lovesac that ever will be,” your dedication to DFL: “Designed for Life”, a concept rooted in sustainability and in investments not only by your company but by your customers as well (as your furniture isn't inexpensive). Your aspirational quote: “We will inspire humankind to buy better, so they can buy less.” Tell us more.

Nelson: DFL is everything now at Lovesac. It guides all of our important decisions. It shapes our products and our business practices. I can’t believe we lived for 15 years without a real “purpose” — just trying to survive.

But it is a testimony that you DON'T need to have found your “purpose” to get going. Just get going. In fact, if you read about HOW we unearthed DFL, I think it’s obvious that it required us living life and having experience and being in the world to discover a purpose that is not just motivating, but realistic and aligned. Put simply, DFL means, “products that are built to last a lifetime and designed to evolve.”  It is the “egg.” But we found it by studying why our “chicken” (our Sactionals couches) were performing so well with customers. I’m not sure we could have started with the egg, honestly. We just had to follow our best design instincts and make a product we thought was good. Then, pay attention and refine. In this day and age of “find your purpose” too many people experience analysis paralysis… Instead, just get going and be on the lookout. Compete. Survive. Pay attention!

CONTINUED >

25 years.

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Your purpose will emerge if you want it. Now, with this “egg” we will birth hundreds of Designed-For-Life “chickens” and grow Lovesac to be very large indeed because designing this way is not just effective… it is difficult. Most won’t do it. They’ll just keep spewing out easy-to-make products with slightly better features. Our purpose guides us, and its outcome, if achieved, will be to have inspired people to buy better stuff, so they can actually buy less stuff! (A strange thing for a company that sells stuff to aspire to — but that is the truth and we’re energized by it.)

SWL:  Last question — how does it feel today to have founded a company with a few close friends at the perfectly-semi-ripe age of 18, choosing the word LOVE to anchor its business name, and decades later landing a multi-million-dollar market cap business brand

actually listed on NASDAQ as: LOVE. Seems something close to the core for you?

Nelson: If you read our story there is no other ticker symbol that would be worthy. It is a story built on grit and heart and LOVE, on the backs of SO many people who I love and care about along the way — most of whom have moved on, but I still feel so much gratitude. Our ambition is huge. Our opportunity is huge. Love is the biggest of all words and is eternal. I think we can do it. But as I share in the book, I felt as vulnerable at $70 million as I did at $7. Now at $700 million I still feel the weight of the opportunity at hand and I just don’t want to mess it up because it is so hard to get an organization to this size and have a shot at building a 100-year brand. But we will.

Follow Shawn Nelson on social media  @shawnoflovesac; his Let Me Save You 25 Years Podcast, which expounds further upon the concepts in his book, is widely available.

MUST SEE | LIFE + CULTURE 18
New Showroom, focused on "Designed For Life". In the beginning: Nelson and friends, sac'd out. Built to last; Designed for life.
19 | CITYLIFESTYLE.COM/SWLAKE APRIL 2024
Lovesac Team at Nasdaq launch.
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CAN YOU BENEFIT from a 529 Plan?

THE COSTS TO SEND A CHILD TO COLLEGE CONTINUE TO ESCALATE. IT’S NEVER TOO EARLY TO START A SAVINGS PLAN.

FINANCIAL BUZZ | FINANCE + LEGAL SERVICES
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Another school year is ending soon. If you have young children, they’re now a year closer to heading off to college or some other type of post-secondary education. If you haven’t already done so, you may want to start preparing for these costs (which can be considerable).

During the 2022-23 school year, the average estimated annual cost (tuition, fees, room and board, books, supplies, transportation and other personal expenses) was nearly $28,000 for public four-year in-state schools and more than $57,000 for private nonprofit four-year schools, says the College Board.

Of course, some students don’t pay the full bill for college. Grants and scholarships can bring down the “sticker price.” Still, there’s often a sizable amount that students and their families must come up with. To help fill this gap, you may want to explore various strategies, one of which is a 529 education savings plan.

A 529 plan offers several key benefits. First of all, your earnings can grow tax deferred, and your withdrawals are federally tax free when used for qualified education expenses, such as tuition, fees, books and so on. You may be eligible to invest in a 529 plan in most states, but depending on where you live, you may be able to deduct your contributions from your state income tax or possibly receive a state tax credit for investing in your home state’s 529 plan. Tax issues for 529 plans can be complex. Please consult your tax advisor about your situation.

And 529 plans aren’t just for college. You may be able to use one to pay K-12 expenses, up to $10,000 per student per year. (However, not all states comply with this 529 expansion for K-12, so you might not be able to claim deductions and withdrawals could be subject to state tax penalties.)

A 529 plan can also be used to pay for most expenses connected to apprenticeship programs registered with the U.S. Department of Labor. These programs are often available at community colleges and combine classroom education with on-the-job training.

Furthermore, you can now withdraw funds from a 529 plan to repay qualified federal private and student loans, up to $10,000 for each 529 plan beneficiary and another $10,000 for each of the beneficiary’s siblings.

But what if you’ve named a child as a 529 plan beneficiary and that child doesn’t want to pursue any type of advanced education? If this happens, you, as the account owner, are free to name another family member as beneficiary.

And beginning in 2024, you may have even more flexibility if a child foregoes college or other post-secondary education. Due to the passing of the Secure Act 2.0 in December 2022, unused 529 plan funds of up to $35,000 may be eligible to roll over to a Roth IRA of the designated beneficiary. One of the qualifications for this rollover is to have had your 529 plan for at least 15 years. To determine if you qualify for this rollover, you will want to consult your tax advisor.

A 529 plan has a lot to offer — and it might be something to consider for your family’s future. Withdrawals used for expenses other than qualified education expenses may be subject to federal and state taxes, plus a 10% penalty. Make sure to discuss the potential financial aid impacts with a financial aid professional. Edward Jones, its financial advisors and employees cannot provide tax or legal advice.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor, Mark Hornok, CRPC, at 847.382.3476; https://bit.ly/49yjun2 (Edward Jones, Member SIPC).

23 | CITYLIFESTYLE.COM/SWLAKE APRIL 2024
Jake, Mark, Maddie, Katie, and Carianne Hornok.

65 YEARS OF CARE

SINCE 1958 CARING WOMEN’S CONNECTION HAS INVESTED IN LAKE COUNTY BY HELPING OTHERS.

Life in the 1950s was a lot different when a collection of Hawthorn Woods’ women came together to form a club.

What started purely as a social endeavor over time morphed into something else as the members realized they had a shared passion for helping others. Through simple acts of kindness, strong bonds were formed among the members.

1980 Easter Egg Hunt.
INSPIRED BY | LIFE + CULTURE 24
2024 CWC co-presidents Danielle Boreczky and Chris Geimer.
“The members of CWC share a common belief that we can make a difference in our community, and we work together to do so. Please join us.”

Last year the group — Caring Women’s Connection (CWC) — began celebrating its 65th anniversary. It operates as 501(c)(3) not-for-profit, building new connections by raising money through events and donations. Funds are invested back into the community to support other charities and non-profits specifically focused on service to women and children in Lake County.

IN 2023, SOME OF THE FUNDS CWC DONATED:

• Sent kids with disabilities to summer camp

• Helped victims of domestic and sexual violence

• Gave holiday gifts to kids and families in temporary shelters

• Provided back-to-school shoes for children, coats and boots for cold weather, and clothing & hygiene products for families in need

• Funded advocates for children in the court system

The most fulfilling part of what we do is seeing how we make an impact on someone’s life.  We receive many cards and letters (and sometimes photos) from those who we have helped. That makes every minute we spend working on Caring Women’s Connection worth it. We invite you to join us and help make a difference.

Chris Geimer and Danielle Boreczky are co-presidents of Caring Women’s Connection, and they invite local women to join them April 14 at Kemper Lakes Golf Club for a “Blooming Together Spring Luncheon” (12 p.m.). There will be a raffle, a meet and greet with grant recipients and an “edutainment” presentation. Learn more by visiting CaringWomensConnection.com.

25 | CITYLIFESTYLE.COM/SWLAKE APRIL 2024
CWC members Deb Ackerson, Laurie Wilhoit, Bonnie Conte (Avalon Salon & VIBE) and Annamarie Mattey.

RETIREMENT INCOME PLANNING: MAXIMIZING WEALTH AND LEGACY

Retirement marks the culmination of years of dedication, perseverance and sound financial choices. It's often envisioned as a period of relaxation, exploration and deep connection with family and friends. However, this dream doesn't just manifest. It necessitates forward-thinking and detailed planning, regardless of one's financial status. Amid global economic changes, evolving life expectancies and intricate tax systems, an all-encompassing and strategic retirement plan is more crucial than ever.

A key element of effective retirement planning is diversifying your income sources. While staples like 401(k)s or IRAs are foundational, it's equally important to branch out. Dividend-bearing stocks can provide regular dividends, bonds offer both periodic interest and principal return and real estate, whether directly or indirectly owned, has potential for both rental income and value

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YOU ONLY GET ONE RETIREMENT
MONEY MATTERS | FINANACE + LEGAL SERVICES 26

growth. Private investments can also yield passive income and impressive returns.

Tax considerations significantly influence retirement strategies. Each financial action, from asset sales to account withdrawals, can carry tax consequences. Knowing these details can greatly influence one's overall retirement income. Tactics such as Roth IRA conversions can help distribute tax liabilities over time, allowing for tax-free withdrawals later on. Using strategies like tax-loss harvesting can balance out capital gains, ensuring proactive steps to reduce tax impact.

SOURCES OF INCOME DURING RETIREMENT

Annuities have long been recognized as a popular retirement income source. An annuity is essentially a financial contract that can offer a steady and predictable income, with options that might even extend to lifetime payouts. Available in varieties like fixed, variable and indexed, they often come with tax advantages. However, retirees should also be aware of certain drawbacks. These might include fees and expenses, issues around liquidity, and potential concerns related to inflation.

Delving into the world of Alternative Investments, retirees can consider assets such as hedge funds, private equity and real assets, among others. These investments may promise higher returns and provide diversification away from traditional stocks and bonds. However, the complexities of these investments mean they often come with challenges like illiquidity, higher fees and the need for a thorough understanding of the investment itself.

Delaware Statutory Trusts (DSTs), while not familiar to everyone, can be a potential retirement income source. Historically rooted, DSTs offer a form of passive real estate investment, which can lead to regular distributions. They also open doors to 1031 exchange possibilities, offering tax deferral benefits. But, just like any other investment, DSTs have their limitations, notably the lack of liquidity and the heavy reliance on trust management.

Introduced by the Tax Cuts and Jobs Act of 2017, Qualified Opportunity Zones (QOZs) were designed to spur economic development. Investing in these zones can lead to deferral, reduction and even the potential elimination of certain capital gains taxes. However, they often require a long-term investment horizon, and retirees must be well-versed with the specifics of the chosen opportunity zone.

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Rental Income remains a favorite for many looking for consistent returns. Whether through direct property ownership or Real Estate Investment Trusts (REITs), real estate can offer passive income, tax benefits and appreciation. Yet, the responsibilities tied to property management, the uncertainties of market fluctuations and other associated costs must not be ignored.

The backbone of many retirement plans, Social Security Income, provides a safety net for millions. Established with the intent of financial assistance, the amount one receives depends on various factors. There are also strategies retirees can employ to maximize these benefits, such as deciding on the optimal time to claim or considering the implications of working while receiving benefits.

ESTATE PLANNING AND PHILANTHROPY

Beyond the immediate realm of retirement, estate planning emerges. This encompasses not just post-retirement arrangements but also asset distribution for future generations or charitable endeavors. Regularly reviewing wills, trusts and beneficiary designations ensures alignment with changing circumstances.

Philanthropy seamlessly integrates with retirement plans. Beyond fulfilling a personal mission to give back, it also carries financial benefits. Using instruments like donor-advised funds or charitable trusts lets individuals make impactful societal contributions while enjoying tax advantages.

You only get one retirement. In the ever-evolving world of finance, staying updated and flexible is essential to ensure the continued relevance and efficiency of one's retirement strategy.

Disclosures

Securities offered only by duly registered individuals of Madison Avenue Securities, LLC (MAS), member FINRA/ SIPC. Advisory services offered only by duly registered individuals of Csenge Advisory Group, LLC. MAS, Csenge Advisory Group, LLC and Impact Wealth, LLC are not affiliated entities.   Investing involves risk, including the potential loss of principal. This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.

Every retirement journey is distinct, and each vision merits expert guidance. Impact Wealth is based in Boulder Colorado. You can contact them at Impact@ImpactWealth.com.

Retirement
MONEY MATTERS | FINANACE + LEGAL SERVICES 28
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APRIL 2024

events

A SELECTION OF UPCOMING LOCAL EVENTS

APRIL 1ST, 4TH & 7TH

Aida

20 N. Wacker Drive, Chicago | 7:00 PM

Enjoy Giuseppe Verdi’s masterpiece before the show closes. Music Director Enrique Mazzola brings this classic opera to life, sung in Italian with projected English titles. The April 1 performance is at 7:00 P.M.; the April 4 & 7 shows are at 2:00 P.M. All performances at the Lyric Opera of Chicago. For tickets and more information go to LyricOpera.org

APRIL 2ND

Elgin Symphony Listener's Club

505 N. Northwest Highway, Barrington | 1:00 PM

Here’s your chance to hear live symphonic music close to home and have your questions answered by professional musicians with the Elgin Symphony Orchestra. Please pre-register online at BALibrary.org. Presented by the Barrington Area Library.

APRIL 3RD, 10TH, 17TH & 24TH

Original Smartphone Pub Trivia

360 Historical Lane, Long Grove | 7:00 PM

No Pens, Paper or Cheating. Long Grove's best bar trivia returns to Buffalo Creek Brewing. Form a team and compete for prizes and pride every Wednesday night in the month of April.

APRIL 5TH, ALL DAY (UNTIL 9:00 P.M.)

Libertyville First Friday

Downtown Libertyville | 10:00 AM

Support local businesses in downtown Libertyville on First Friday. Enjoy refreshments, special discounts and a festive atmosphere while the shops stay open to 9:00 P.M. Receive personalized help to find the perfect gift or treat for yourself. After some retail therapy stay downtown to dine in any of the popular restaurants.

APRIL 7TH

Don Quixote Suite and New Works

26 N. Williams Street, Crystal Lake | 4:00 PM

Engage Dance Academy holds its annual performance of "Pointes for a Purpose" benefiting the Service League of Crystal Lake. This two-act production includes the Don Quixote suite, an audience favorite for its striking music and upbeat precision dancing. Go to Events.RaueCenter.org for tickets.

APRIL 7TH

Celtic Woman

5400 N. River Road, Rosemont | 3:00 PM

The Rosemont Theatre presents the 20th Anniversary Tour of Celtic Woman, a fresh blend of traditional and contemporary Irish music that echoes Ireland's  musical and cultural heritage, while reflecting the country's modern spirit. With Irish dancers, bagpipes and traditional instruments, this dynamic show makes for an engaging evening. Learn more at CelticWoman.com.

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APRIL 8TH

Total Solar Eclipse Encounter

1300 S. DuSable Lake Shore Drive, Chicago | 12:00 PM

Prepare for something “totality awesome” with special eclipse activities, including all your solar questions answered by staff members of the Adler Planetarium. Join astrologers on the lawn and safely view the total solar eclipse which starts at 12:51 P.M. (Obviously, this event is weather dependent.) Learn more at AdlerPlanetarium.org.

APRIL 9TH

Spring Food and Beverage Trends

145 W. Main Street, Barrington | 11:30 AM

Bring your appetite (and something to eat) for a Lunch & Learn with Chef Dave Perlick from Barrington’s Region Kitchen & Bar to get ready for spring while incorporating seasonal ingredients and insights from his new business, Currant Catering. Presented at Barrington's White House (BarringtonsWhiteHouse.com).

APRIL 10TH - JUNE 2ND

The Music Man

10 Marriott Drive, Lincolnshire

Come see Harold Hill trick the good people of River City into buying gear and uniforms for a marching band he has no intention of ever forming… until Marian the Librarian catches his heart. This Tony Award-winning musical comedy is good for the whole family. Presented at the Marriott Lincolnshire Theatre. Visit MarriottTheatre.com for tickets and show times.

APRIL 16TH

The Intersection of Seth Paine & Harriet Tubman

Online Presentation | 7:00 PM

Did you know Seth Paine’s work in Lake Zurich and Chicago complemented Harriet Tubman’s work elsewhere as part of the Underground Railroad? Join activist and Harriet Tubman descendant E. Olivia Darden and Seth Paine biographer Nancy Schumm on this presentation about local ties here in Lake County. Presented online by the Ela Area Public Library. Register at EAPL.org

APRIL 17TH

How to Convert a Lawn to a Wildflower Meadow

505 N. Northwest Highway, Barrington | 6:00 PM

Tired of maintaining a large lawn? Want to attract more birds and butterflies? Learn how to convert areas of your lawn to a native wildflower meadow from seed in this program with Sarah Michehl, Community Ecologist with The Land Conservancy of McHenry County. Presented at the Barrington Area Library. This event is free, but advance registration is required at ConserveMC.org.

APRIL 21ST

Forest Bathing (Not what you may think)

1000 Lake Cook Road, Glencoe | 10:30 AM

Certified nature and forest therapy guide Sally Peterson will guide you through the process of Japanese forest bathing: being mindful of the forest and helping to reduce stress. This walk will be held unless it is raining heavily, so please dress for the weather. Presented at the Chicago Botanic Garden. Learn more at ChicagoBotanic.org

APRIL 27TH

It's Back - the Long Grove Craft Beer Festival

360 Historical Lane, Long Grove | 12:00 PM

Meet your friends, visit with local brewers and lift a cold one at this annual event in downtown Long Grove with samples from local and national breweries while enjoying food and live music. Learn more and buy advance tickets at LongGrove.org. Cheers!

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