Join Us for Lobby Chats Fridays in June/July in Joplin, Mo.

Friday, June 16 at 06:10 AM
Category: Arvest Community News
Retirement planning is an ongoing process of preparing for and reacting to critical financial events. Critical financial events can be as diverse as retiring, a change in career path or just getting started. The right strategy for each stage is the key to success. 
 
Join us at noon for lobby chat round-ups on June 23, June 30 and July 7 at 3201 McClelland Blvd. Joplin, Mo., with our very own expert, Garrett Taylor**, client advisor for Arvest Wealth Management. He will share some basic insights on strategies to save, make time for Q&A and schedule follow-up appointments upon request. 
 
In his role, Garrett assists clients in the Joplin, Mo., area with investment advice, retirement planning, risk management and other areas of personal financial planning. Prior to joining Arvest in 2012, Garrett earned a degree in finance and economics from Missouri Southern State University in 2006. In 2009, he earned the CERTIFIED FINANCIAL PLANNER™ certification. Garrett is also a member of the Greater Kansas City chapter of the Financial Planning Association. Garrett also serves on the board of the Joplin Community Health Clinic. 
 
Garrett Taylor can be reached at (417) 627-8156 or gtaylor@arvest.com
 
**Missouri Insurance License # 375253 

Investments and Insurance Products: Not a Deposit | Not Guaranteed by the Bank or its Affiliates | Not FDIC Insured | Not Insured by Any Federal Government Agency | May Go Down in Value
Investment products and services are provided by Arvest Investments, Inc., doing business as Arvest Wealth Management, member FINRA/SIPC, an SEC registered investment adviser and a subsidiary of Arvest Bank. 

Insurance products are made available through Arvest Insurance, Inc., which is registered as an insurance agency. Insurance products are marketed through Arvest Insurance, Inc., but are underwritten by unaffiliated insurance companies.
 
Trust services are provided by Arvest Bank. 

Tags: Joplin, Missouri, Retirement
 

Charolette Tidwell Supports Healthy Eating – People Helping People Series

Friday, June 16 at 05:00 AM
Category: Arvest Community News

At a young age, Charolette Tidwell realized the importance of community and how working together can make a huge impact in someone’s life.

“I was raised poor, with 10 kids in the house;” however, “my community always said, ‘You can be anything you want to be, you can do anything you want to do, but you can’t leave anybody behind,’” Charolette said.

Her upbringing inspired her to start the Antioch for Youth and Family* organization, which provides food assistance to approximately 7,000 people each month.

Charolette’s goal is to provide food for families and educate them on the importance of good nutrition. 

“Good food keeps you well,” Charolette said. “And it keeps you up, it keeps you mobile, it keeps your brain fed so that you’re able to think.”

Charolette has focused on planting and growing healthy food in a community garden. As more children come to work in the garden, Charolette has seen a big change in the community. 

“Now what the garden has done to this area is phenomenal. We see houses in these three block areas being refurbished. We see people walking with their dogs and walking over to the garden with their children and talking to the kids about the garden.”

Charolette hopes the project she began will blossom into an even greater contribution to her community.

“My dream is that there is a resurgence in the areas we’re in,” Charolette said. “That people care for people…that people are concerned for people and that people jointly lift each other.”

“It is a revitalization of a community, block by block. That’s what we intend to achieve,” Charolette said. 

Watch* Charolette in action.

Charolette’s story is part of Arvest Bank’s People Helping People series featuring citizens giving back to their community. 

Keep an eye on our social media channels for videos highlighting the good works of dedicated citizens in the communities Arvest Bank serves.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arkansas, Charitable Giving, Community Support, Kansas, Missouri, Oklahoma, People Helping People
 

Loch Promoted in Oklahoma City

Thursday, June 15 at 06:15 AM
Category: Arvest Community News

Banking veteran named assistant vice president.

OKLAHOMA CITY – Arvest Bank is pleased to announce Charles Loch has been promoted to assistant vice president in its Oklahoma City market.

Loch, who serves as the branch sales manager at the Arvest location at 1900 S. Douglas Blvd. in Midwest City, has more than eight years of industry experience.

Loch earned a Diploma in Ministry from Global University and is pursuing a degree in business technologies with an office management option at Oklahoma State University – Oklahoma City. He is actively involved with the Midwest City Chamber of Commerce, a graduate of Leadership Midwest City 2017, and a member of its alumni association.

Originally from Choctaw, Loch lives in Midwest City with his wife, April, and their four children.

Tags: Associates, Oklahoma, Oklahoma City, Press Release
 

Tom Clancy’s Widow Wins Her Court Battle

Wednesday, June 14 at 02:05 PM
Category: Personal Finance
The estate plan of noted author Tom Clancy had three equal trusts, one for the children of his first marriage, a marital trust for his surviving second wife, and a family trust for the second wife and the daughter they had together. The trusts were funded from the residuary estate (whatever is left after paying expenses and any specific bequests), and Clancy’s will also called for estate and/or inheritance taxes to be paid from that same remaining fund. The personal representative of the estate (who also had drafted the will) proposed to pay half of the federal estate taxes due on Clancy’s $83 million estate from the trust for the adult children, the other half from the family trust. The taxes came to roughly $15 million. 

Mrs. Clancy objected. Before his death, Clancy had executed a codicil to his will, to clarify that he intended both the family trust and the marital trust to qualify for the federal estate tax marital deduction. That suggests that the trusts for Mrs. Clancy should not be tapped to pay taxes, because assets that don’t share in the creation of the estate tax burden should not have to pay those estate taxes. To the extent that the widow’s share is used to pay the estate tax, the marital deduction must be reduced, which means still more estate tax, and a further reduction in deduction, and yet more taxes, in an extended circular computation. In fact, if Mrs. Clancy’s share is free from the tax burden, the actual estate tax due will drop by nearly a third, to roughly $11 million. 
 
That’s what the probate court decided was proper, it’s what Clancy apparently intended with his codicil to the will. In a 4-3 decision, the Maryland Court of Appeals agreed with that conclusion in August. A savings clause in the codicil “explicitly directs that the personal representative not act to adversely impact the benefit of the marital deduction of the marital trust and the family trust.” Three dissenters believed that Clancy probably did not appreciate just how much that seemingly minor savings clause would upend the overall result of his estate plan. 
 
The result is decidedly unequal for the five children. The child from the second marriage will get roughly one-third of the estate, undiminished by taxes. The share for the other four will be reduced roughly 40% for taxes, and then split four ways among them. Whether Mr. Clancy expected an outcome for his estate plan to have as many twists and turns as the plots of the books that he wrote remains an open question. 
 
(December 2016) © 2016 M.A. Co. All rights reserved. 

Tags: Financial Education, Retirement
 

Managing Changes in the Dairy Industry

Wednesday, June 14 at 06:50 AM
Category: Business Banking
A recent discussion with a co-worker took me back to a childhood memory: sitting in the local A&W enjoying a root beer float and gazing up at the picture on the wall. You know, the one with two young boys in overalls with their hands in their pockets, one kid leaning toward the other and saying, “You been farming long?” This thought passed through my mind as we were discussing some of the current trends in agriculture and comparing notes of the experiences shared by some longtime area farmers.
 
As I thought about that discussion, it became very evident the world is moving at a much faster pace than it once did and that couldn’t be more evident than in agriculture. Technology, genetics, equipment, efficiencies, processes and delivery systems are just a few areas that have experienced rapid advancement in recent years. If “you’ve been farming long,” you have witnessed these advancements first-hand. And while not all of them have been embraced, they are nonetheless here to stay – at least until the next wave of changes.
 
The one thing that is inevitable in the dairy industry, and in any industry for that matter, is change. These changes may come in many forms and impact your daily business operations in numerous ways. One word that is familiar to all, milk, can be used to provide guidance on managing these changes and preparing for the next wave, whatever that may bring.

M – Mission and management are critical pieces to the success of any business, and arguably the most important. A mission statement provides the opportunity to define your business goals, fundamentals and objectives. Furthermore, it provides the foundation on which your business model is based and helps you remain focused on desired results. Whether you have written or verbalized this mission, it has likely been considered throughout the business cycles. This mission should be formalized and reflected upon periodically to evaluate direction and progress. The mission goes hand in hand with the management aspect of your enterprise. Each day the demands will vary and the hat you wear may change significantly in the spur of the moment. Consider all the different roles you employ during the course of a typical day and consider each hat accordingly. Take time to reflect on the areas in which you excel, identify the shortfalls and formulate a plan to address these issues accordingly.
 
I – Innovation should be considered from time to time to help keep ideas and methods fresh and efficient. Innovation does not have to mean state-of-the-art technology or the latest and greatest, but simply an evaluation of the everyday processes already taking place. Consider the daily practices and processes you can improve to gain efficiencies. This will help streamline your operations and free up time to focus on other critical areas that need attention or may be overlooked due to time constraints in other places.
 
L – Liability certainly comes to mind due to the nature of my work in the financial industry. However, this does not necessarily translate to your balance sheet or income statement, although these pieces should also receive focus from time to time. A liability can be anything that is a challenge, detriment or hindrance. If there is a daily task or long-term issue that is negatively impacting your business, take the time to identify these problems and consider the steps toward a solution. The liability focus ties in with the management and innovation concepts, and the combination of these pieces will help eliminate future pitfalls and provide value to the business.
 
K – Knowledge is key, as the old adage goes, and this certainly rings true in the dairy industry, and any agriculture-related industry for that matter. Take advantage of any opportunities offered to expand your expertise. These knowledge-building opportunities could range from attending an extension meeting, field day, a seminar hosted by a local college or professional group, a dairy organization, or just a trip down the road to a neighbor. The agriculture industry is one of the best-networked industries I’ve had the pleasure to work in. It’s no secret most farmers share ideas and successes within their network and this should be an integral piece of the business model. Learn from those who have managed through the ups and downs and learn from those experiences.
 
Change is inevitable and will present both challenges and opportunities for your enterprise. Employing the MILK concept will help you navigate these challenges and ensure “you will be farming long!” 

Tags: Arvest Biz, Business Banking

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