“Aging is not ‘lost youth’ but a new stage of opportunity and strength.”
PRESIDENT’S REPORT # 94 - Mukund Mehta
Dear Friends:
The following is a brief report of the Zoom meeting held on Thursday, June 24, 2021. Proceedings of the meeting were recorded and will be placed on YouTube. The meeting was anchored by Pankajbhai Parikh, VP, hosted by Jagdishbhai Patel, VP-PR and co-hosted by Niranjanbhai Patel, Secretary. Thanks to all.
President welcomed members and assured them that they would enjoy today’s presentation on financial planning and a musical program.
The meeting started with a prayer by Tejalben & Shantu Gohil.
1. (i) Mr. Paresh Shah’s Presentation:
Mr. Paresh Shah, CFP, (profile attached), who had given lectures to our members in the past, made a presentation today on Financial Planning in Post Covid-19 Times, discussing the topic under the current tax law and the potential impact of the Biden Administration proposals. He clarified at the outset that he is a certified financial planner and not a CPA or an attorney.
Discussing briefly of the retirement planning under President Trump’s The Secure Act, 2019, Mr. Shah highlighted changes proposed under President Biden’s Administration which would raise taxes to finance the mounting deficits and spike in prices in post Covid period culminating into a potential inflation.
Mr. Shah discussed at length tax implications on retirement savings held under IRAs, 401(K), tax deferred accounts, investments made through mutual funds and exchange traded funds (etfs), ordinary income, short term and long term capital gains. For optimum return on savings, several factors such as after-tax return, pass-through gains, holding period, cost of rebalancing, tax cost ratio, play an important role.
Currently, the amount of Required Minimum Distribution (RMD) starting at age 72 is based on life expectancy of a person, the balance based on life expectancy of a spouse and remaining balance upon life expectancy of children – overall, the tax impact is soft. However, under the Biden proposal, the balance amount is required to be withdrawn within 10 years which may result in heavy tax burden if children are in high tax brackets. Also proposed is the elimination of a strep-up basis for estate tax. The passage of the proposals are doubtful due to potential blocking by G.O.P. filibuster. Nevertheless, the retirement planning should consider a partial conversion of traditional IRA into Roth IRA as well as repositioning of assets and procuring a survivorship life policy.
Mr. Shah signified the importance of wills, health care proxy, and revocable trust (living trust) to avoid probate.
Viewers appreciated Mr. Shah’s hour-long lucid presentation in Gujarati with the aid of slides, and the Q&A session. He was gracious to share his phone number 516 268 3446 for a 30-minute free consultation.
(ii) Musical Program:
Mrs. Pranita Dasgupta Deshpande of Mumbai, a virtuoso singer, (profile attached), whose program was arranged through the courtesy of our member Mr. Hemant Shah, President, F-BIMA and Past President, Jain Senior Group, entertained viewers for more than an hour and a half with melodious Bollywood songs, Gujarati lokgeets, Maharshtrian Lavni and Garba ramzat.
She sang evergreen songs including Aage Bhi Jane Na, Chandan Sa Badan, Oh Chandki Raat, Na Tum Hamen Jano, Rahe Na Rahe Hum, Aayega Aanewala, Lag Ja Gale, O Sajna Barkha Bahar, Pan Lilu Joyu Ne, Patan Thi Patola, Aaj Kal Tere Mere, Badan Pe Sitare, Jab Hum Na Honge, O Haseena Zulfonwali, Aaja Aaja Mein Hun Pyar, Kabhi Kabhi Mere Dil Mein, Ajeeb Dastan Hai Yeh, Hamen Dekha Hai Un Ankho Ki, Marathi Lavni, capping with a Garba Ramzat .
(iii) Contributions:
A Wellwisher $500 (picnic)
A Wellwisher 101 (picnic)
(iv) Janmastami Mahotsav:
We are delighted that members have been registering their sponsorships for the festival. About 20 members have already registered sponsorships for different levels including the following:
Grand Sponsor: Harshadbhai (Pakaji) & Dakshaben Patel $5,000
Platinum Sponsor: Mukund & Padma Mehta 2,500
(v) Pankaj Parikh, VP, updated information on membership forms, Housie – 6/27/21, picnic – 8/1/21 and the Janmastami festival starting 8/12/21.
A Vote of Thanks by Mrs. Tejalben Gohil.
3. The Computer Class:
Prof Rajasekhar Vangapaty is inviting you to a scheduled Zoom meeting.
Topic: Computer Technology Course for Senior Members
Time: This is a recurring meeting June 27, 2021 Computer Class starts at 12:00 noon
Join Zoom Meeting
https://indiahome.zoom.us/j/
Meeting ID: 981 1412 6485
Passcode: 658924
4. The Yoga Class:
NO CLASSES ON FRIDAYS. NO CLASS ON TUESDAY, JULY 2, 2021.
Yoga class is going in full swing as about 60 families participate on Zoom. The next class is on Friday, July 9, 2021.For your queries, please contact her at rdharia78@yahoo.com or by text at 917 435 1890.
ID: 715 3405 1087
Password: 6789
5. The Arts Class:
India Home has extended an invitation to our members to join the arts, creative writing, cooking, crafts and technology classes. Please contact Mrs. Kavita Shah, Creative Aging Director, at 917 825 1559 for the Zoom link as well as for new educational and informative events. For additional programs, you may visit the following link:
https://indiahome.zoom.us/j/
7280154731?pwd= d1preTlFMng5NXBQdFlKVjVqenh5Zz 09 Meeting ID: 728 015 4731
Passcode: 2007
6. Future Programs:
Jitendra Zaveri, Jt. Secretary, provided details of future programs.
Please note the ID and Password for the programs (i) through (viii).ID: 516 607 5252
Password: 5252
(i) The Housie Game:
(ii) Musical Program:
A musical program by singer Neeti Gupte is planned on Thursday, July 1, 2021, 12:00pm-1:30pm (arranged through Bharatbhai Goradia ).
(iii) Musical Program:
A musical program by singer Rutu Patel is planned on Thursday, July 8, 2021 from 12:00pm to 1:30pm (arranged through Suhagben Mehta.
(iv) Musical Program:
A musical program by singer Sogata Chakrbarty is planned on Thursday, July 15, 2021 from 12:00pm to 1:30pm (arranged through Bharatbhai Goradia.
(v) Reminiscing Binaca Geetmala:
A musical program by SurSangam Nagpur Group based on yesteryear-favorite Binaca Geetmala, sponsored by Parker Jewish Institute, is planned on Saturday, July 17, 2017 at 10:30am.
(vi) Picnic:
A picnic is planned on Sunday, August1, 2021. Details forwarded on WhatsApp.
(vii) Janmashtami Mahotsav:
Janmashtami Mahotsav Celebration is planned for four Thursdays, August 12, 19, 26 and September 2, and four Saturdays August 14, 21, 28 and September 4, 2021. Details to follow.
(viii)Vishnu Sahasranam:As advised earlier, Dr. Narendra Bhalodkar’s program on Vishnu Sahsranam is on every Monday from 9:45am to 11:45am/12:00pm. His next program will be on Monday, June 28, 2021.
(ix) Bhajan Sandhya:
Spiritual Development Center (Adhyatmik Vikas Kendra) organizes Bhajan Sandhya every Friday from 8:30pm to 10:30pm. For information, pl contact Paragbhai Patel, President, at 646 496 7748.
ID 127 918 441
Password 1975
(x) Bhartiya Vidya Bhavan:
Bhartiya Vidya Bhavan has three programs: Basanto Utsav (6/26), International Yoga Day (6/27), and a musical program Jaane Kahaan Gaye Woh Din…(6/27). Flyers are attached.
(xi) Musical Program:
Parikh Geetmala has planned a musical program on Sunday, June 27, 2021 at 10:30am to help kids of khichadi rath from Bhavnagar. It feeds about 400 hungry kids each evening. A flyer is attached.
(xii) Jain Senior Group:
Jain Senior Group has planned a musical program by Sanjeevani Bhelande on Saturday , July 10, 2021. A flyer is attached.
Please stay healthy.
Mukund Mehta, President
June 26, 2021
718 450 1829 (C)
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