Legacy Planning Services-Use & Advantages

Ralph Byer serves as a wealth management advisor with Merrill Lynch. Experienced in financial planning, he was included in Barron's Top 1200 US Financial Advisors list in 2020 in recognition of his exceptional performance and service. Ralph Byer assists clients with legacy planning at Byer Wealth Management Group of Merrill Lynch.

Legacy planning is the action of passing down assets or capital to a successor, typically a family member. This is highly important as it can help a person provide for their family or loved ones upon their death. It can also help a person preserve an asset and place it in trusted hands.

Legacy planning allows you to grow your wealth while enjoying a comfortable lifestyle. Upon your death, your assets will transfer to your family and loved ones. Certain assets that can be passed with legacy planning may be taxable, so it is smart to check with a financial advisor and tax expert to better understand the taxes that are due and plan accordingly.

The Tools for Woodturning

Woodturning is a woodworking technique that uses a wood lathe and a few handheld tools to cut a shape that is symmetrical around the rotational axis in a block of wood. A wood lathe is similar to a potter’s wheel, and its simple mechanism can create various forms. Some traditional items made on a lathe include knobs, tool handles, lamps, candlesticks, knitting needles, pens, baseball bats, bowls and chair sets, and hollow forms like wind musical instruments.

Although there are lathes for metalworking, glassworking, and patternmaking, the woodworking lathe is the oldest variety. The simple lathe features an adjustable horizontal metal rail and a tool rest, which helps with positioning handheld tools while shaping. After shaping, it is possible to remove the tool rest and press sandpaper against the spinning object. This additional step smooths the wood surface and details created with metal shaping tools.

Current woodturning typically uses a motor-driven lathe that spins the stock of wood at high speeds. A variable speed lathe can generally turn a piece of wood between 500 rotations per minute (RPM) and a maximum speed of 4,000 RPM. The rule of thumb is using low speeds for wide stocks and high speeds for thin stocks.

There are several handheld shaping tools, each with a specific purpose. The spindle roughing gouge is one of the biggest tools of the set. It is typically the preferred tool for creating a rough, round shape out of a wood block because of its wider body, which covers a large area. The roughing gouge is very versatile and helps create almost any basic shape, such a bowl, spindle, or bottle stopper.

Another tool commonly used in woodturning is the shallow fluted gouge, commonly known as the spindle gouge. It is similar to the roughing gouge in shape, but much smaller and allows for making details such as coves and beads.

The skew chisel is a flat, long chisel with a beveled edge and angled tip. It tends to be used as a tool for planing the wood, giving it a nice finish without the requirement of sanding. The skew chisel comes in a variety of sizes, allowing for the creation of very fine details. The shortest point of its cutting edge is the heel, while the longest point of its cutting edge is the toe.

Although woodturning is not dangerous if the proper protection equipment is used, skew chisels can be trouble if not used adequately. They tend to grab the wood while it turns, so they should always be sharpened and handled with care. One tip is to learn how to present the tool to the wood before turning. In particular, the toe should not contact the wood too aggressively. In most cases, the best choice is to position the skew chisel so that the toe is not touching the wood.

A woodturning tool typically used for shaping bowls is the bowl gouge. It is also known as a deep flute gouge and features a channel running down its length that is much deeper than the other gouges. The swept-back grind bowl gouge is another helpful tool for shaping bowls. It is similar to the bowl gouge, but features a shape that allows for a greater range of cuts.

Ocean Acidification on Marine Ecosystems

Ocean acidification results from the ocean absorbing carbon dioxide from the air--much of it emitted through human activities. Since around 1850, the ocean has reduced the amount of carbon dioxide humans have contributed to the Earth’s atmosphere by just over one-third, contributing greatly to reducing climate change. Also since that time, the amount of acid in the ocean has increased 26 percent, a rate 10 times any seen in the last 55 million years.

Ocean acidification affects the food web, ecosystems, and ecosystem services, all of which are closely intertwined. The marine ecosystem comprises crabs, sponges, oysters, sea urchins, and starfish, in addition to coral reefs and the numerous algae and plankton that are found there. Because marine life often gets its food source from other marine life, changes in the food web impact all sea life.

Whether close to shore or at the greatest depth of the ocean, coral reefs provide sustenance for the entire ocean ecosystem. Therefore, when ocean acidification impacts these reefs, the environment experiences a domino effect.

Coral reefs are calcium carbonate structures. Zooxanthellate corals and calcifying macroalgae are some of the major contributors of calcium carbonate to the reefs. Increased exposure to acidic seas can adversely impact reef growth by reducing calcification and reproduction rates; it can also contribute to complete loss of reef systems. This has further implications for human beings because reefs protect the shoreline from erosion during storm surges and cyclones.

One of the places where this is already happening is in the Great Barrier Reef, off the coast of Australia. While the precise role of ocean acidification has not been clearly defined, researchers found that there was a 14 percent decline in reef size between 1990 and 2005.

Ocean acidification also affects plankton systems, which serve as a food source. Beyond affecting phytoplankton calcification rates, it decreases the nutritional value of phytoplankton as a result of the increased rate of photosynthesis.

In terms of coastal systems, acidification directly impacts the growth and reproduction of organisms, as well as the development of various mollusks. In the case of crustaceans, acidification interferes with the density of their shells, making them less strong. Some experts liken the effects of acidification on their shells to a person developing osteoporosis. Sea urchins, in particular, become vulnerable to sea predators when their shells have grown to be deformed, thinner, and smaller as a result of exposure to high levels of acid in the ocean. Animals without protective shells also are vulnerable to ocean acidification, as it interferes with the development of eggs and larvae.

One of the major impacts resulting from acidification is a decrease in biodiversity. Most microalgae can survive acidification with only 5 percent loss in species diversity, but in tropical and subtropical zones, acidification reduces the thickness of coralline algae, which forms on the surface of rocks. This affects other marine life that settles and grows in the area. The acidification of seawater supporting macrofauna also contributes to a 30 percent decline in biodiversity when the pH levels drop from 8.1 to 7.8.

Ultimately, the waters that support marine life can become toxic as the result of absorbing too much carbon dioxide. This absorption has the potential not only to change marine life but also, in some cases, to decimate the existence of certain species.

Charities Work on Behalf of Children

According to the charitable organization More4Kids, there are approximately 1 million charities registered in the United States. Many of these focus on improving the lives of children. Big Brothers Big Sisters of America, Boys & Girls Clubs of America, the Children’s Defense Fund, and UNICEF are some of the more prominent charities in this area. Beyond these well-known organizations, the United States is home to charities with diverse missions, which range from providing for basic needs and helping students with their studies to helping children cope with childhood trauma and medical difficulties.

Two organizations that provide children with apparel and other necessities are Shoes That Fit and My Stuff Bags Foundation. Shoes That Fit supplies children with athletic shoes, with a focus on the 20 percent of children whose families fall below the poverty line. The charity delivers brand-new shoes in the hopes that children will not only remain in school, but also engage in exercise. Since 1992, the charity has donated 2.3 million pairs of shoes; annually, it donates 131,000 pairs to students attending 2,500 schools across the country.

The My Stuff Bags Foundation looks for sponsors to assist children living in extreme situations, such as those involving abandonment, neglect, abuse, homelessness, or foster care. The foundation provides children with a duffel bag containing school supplies, clothing, toiletries, stuffed animals, and toys, in addition to handmade security blankets. The point is to surround the children with items that are comforting, to help them adjust to their new surroundings.

Children Incorporated also assists children in getting necessary items. The organization channels donor funds to provide educational materials, food, clothing, health care support, and school supplies to children living in 21 countries. It also supports fundraising to benefit medical clinics, school expansions, feeding programs, and housing opportunities.

Some charities focus on providing infants in difficult circumstances with essentials. Newborns in Need, for example, gives care packages containing diapers, shampoo, and pajamas to new parents, while Project Linus provides handmade blankets to shelters, hospitals, and other social service locations. Stuffed Animals For Emergencies provides stuffed animals to children who live in war-torn and other crisis environments overseas.

Numerous charities serve children with health issues. Locks of Love provides wigs made of real hair for children suffering from hair loss due to medical conditions such as alopecia and cancer. Canines for Disabled Kids, meanwhile, provides assistance dogs for children with autism, hearing aids for children with hearing impairments, and wheelchairs for children with physical disabilities. Since 1998, Canines for Disabled Kids has placed over 90 service dogs, which provide assistance with daily tasks, help children build confidence, and provide them with companionship.

Other charities support children through arts and education. For example, the International Child Art Foundation focuses on arts education in underserved communities. Since its founding in 1997, approximately 5 million children have participated in its art programs, and 2.5 million people have participated in its festivals and art exhibits.

Another charity, Reach Out and Read, places emphasis on preparing children for school. Through its pediatric care program, family physicians, pediatricians, and nurses provide books and encourage parents to read to their children. The charity also supplies doctor’s offices with reading materials for the waiting room.