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Show 4 Sun Advocate, Price, Utah Thursday, May 20, 1976 3rd in series 'Ben Franklin' to visit Moab Park Franklin, Benjamin Abraham Lincoln and other American greats from the past will come to Moab City Park May 22 in a special National Park Service SLASHES PRICES AGAIIU! 7-pie- ce screwdriver set now only $3.49 the contributions Once upon a time estate taxes and trusts were a concern for the rich. Thanks to inflation and the taxing of life insurance, you dont have to be rich to be soaked by estate taxes. Many people may be relatively poor in life, yet rich in death. Back in 1939 when the $60,000 estate tax exemption was established, this was a lot of money. Now with g 20,000-mil- dependence Historical National in Park Philadelphia. The nnial-year inflation Bicente- performances country. Director of Little Look Around is Joseph F. Leonardo of Temple Universitys theater department. He has worked in films, television and theater. The script is the work of Daniel M. Klein, whose credits include special comedy material for television, including the series, All in the Family. Neil Bierbower, a teacher of costume and scenic design at Temple, is the shows designer. of this countrys problems. the varied Through characters, the cast debates the merits of America today and yesterday to answer of inheriting "Additional Door Prize $20 United Auto Parts 100 QU0NSET BUILDING Price, Utah 80 S. First West again, so now all proceeds persons life insurance must be included in his estate for taxation just the same as other assets. Federal Estate taxes start at 4 percent and go as high as 77 percent. It is possible, of course, for a mans life to be insured under a policy owned by someone other than and this is himself, frequently advisable. For example, a policy could be owned by a wife, and if premiums were paid out of her own independent funds tacHipofl $290 Car Care Week Specials on Display" Guaranteed STARTING AT 8:00P.M. Everyone Welcome Donation substantial of a Saturday, May 22 popular sizes you need money-savin- g price1 Includes two Phillips and five flat heads. Fine quality steel, unbreakable plastic handles. Hurry to your Autopartner Store while supply lasts. ap- Finally it was changed GAMES PARTY All the assets to provide for their future may find they are faced with forced sales to pay the State Inheritance and Federal Estate taxes which must be paid nine months after death. Life insurance formerly was not taxed by the Federal Estate Tax. Then the law was changed to allow a $40,000 exemption. NOTRE DAME BOOSTERS at a and preciation of land values, a $60,000 tax exemption is not too much. Many farmers who were scratching a living out of 40 acres or so suddenly find the old farm worth several thousand dollars an acre and realtors knocking at their door to buy it for various real estate projects and resale. If the farmer should die before planning his estate, his instead of family are under two road companies traveling cross Americans past and present along with some of Franklins question Estate planning no longer a 'rich only7 concern whether conditions in the United States warrant the continuation of the Great Experiment in Liberty. The performances at the City Park are part of a summer-lontour that is the taking play to 110 national park areas across the country, but which will only play 2 or 3 Utah Moab and communities two northern cities. Little Look Around, e which made a pilot tour of park areas in 1975, opened May 2 at In- Bicentennial performance of Weve Come Back for a Little IxH)k Around. Open free to the' public, the play is a blend of humor and history, based on Franklins 1773 wish to come back in 100 years or more to see what had become of the American spirit. Little Look Around will be held at 3, 5, and 7 p.m., at the park. Produced for the National Park Service by Philadelphias Franklin S. Roberts Associates, the show features a cast of actors portraying Franklin, Lincoln, Mark Twain and Annie Oakley. Also portrayed in contemporary roles are a park ranger and a park maintenance person. Park Superintendent Pete Parry said, We are very pleased to have been able to have Moab added to this tour. The play focuses on and the husband had no control over the policy, then it is not an asset of the husband whose life is insured. It need not be listed as an asset on the tax return when he is deceased, and the proceeds of the policy are not subject to any tax at all. Gifts made in contemplation of death are taxable in a mans estate just as though the gift had not been made. This brings up the very difficult question of when a gift is or is not made in contemplation of death. When federal estate taxes were first imposed many years ago, there was no such thing as a gift tax; therefore when a wealthy man got old or sick, he proceeded to reduce the taxes on his estate by giving a large share of his assets to his wife and children. It seems that every time a taxpayer finds a loophole, the tax collector gets Congress to change the laws so as to plug the loophole. In 1950 the law was amended to provide that the Treasury Department could claim that a gift was made in contemplation of death only if that gift were made within the last three years of the taxpayers life. Therefore, if you want to reduce taxes by gifts, plan on living three years after a gift is made. This brings up the question of estate planning so as to avoid this tax bite on the property you would want your spouse and children to use and enjoy. Your attorney, trust officer, accountant or life underwriter can assist you in planning your estate to reduce these taxes considerably. You may say, I have a will, and if I should die, my estate goes into a trust for my familys benefit. This r investments. Real estate testamentary trust, or a trust under & will. If management and tax are also planned properly, it will assistancefor the trust, and effect the desired tax available the trustor become savings. However, such should or ill incapacitated, the must trusts testamentary can trustee keep the estate be probated before the estate can ever be put into functioning to provide funds-fohis care and support for trust. It is probated like any other will, and then the his family. The Living Trust is a executor is directed by the court to place the estate in confidential arrangement trust in accordance with the between the trustor and his terms of the will. Moreover, trustee which bars public this will becomes a matter scrutiny, since it avoids of public record through probate. It functions improbate, which means mediately upon death anyone and everyone (in- without the delay and excluding your competitor) pense of probate. In effect, can see the provisions of the it allows the trustor to trust for your family. probate his own estate Furthermore, and evert while he lives. With just a will it is not more serious, the operation of the testamentary trust unusual for relatives, emwill be open to the public friends, servants, (including your com- ployees, or even charities to petitors) every year as long challenge the will. Such as it is in effect because the suits are typically filed trustee must file an account during or after probate by each year with the court. relatives disappointed This public spotlight of because they were not probate can be avoided by named, or because they received less than ansetting up a Living Trust. It is called living because ticipated. However, where a it is set up while the trustor trust has been set up and is alive with plans for today has been operating for a few as well as for the future. A years under the trustors trust under a will, or a supervision, it is very testamentary trust, is a difficult for anyone to claim plan for the future only. The that the trustor was or under duress Living Trust or Inter Vivos Trust is set up to when it was set up. It is apparent that serve the trustor while he lives as well as take care of planning and drafting ones his estate and beneficiaries estate and will are not after his deaths always simple tasks. It is Many people think that important, therefore, to once a trust is set up, the deal with trust experts. trustors hands are tied; Those who can help are that he has no say-s- o over lawyers, bank trust ofwhat is done with the ficers, accountants and is a A property. trustor ac- insurance advisers. tually maintains control in Sometimes it is helpful to a Living Trust. He can seek the advice of all four change it, add to it, or where the situation is inrevoke it in part or entirely. volved. Two good choices If the trustee is a cor- would be a lawyer and a porate fiduciary (such as a bank trust officer. In any bank or trust company), the event, talk to a lawyer trust is provided with but be sure all are trained management of funds and and experienced. SA VE 860 Sears Single-Cylind7.5 HP Fishing Motor er 5 Our 289.99 Standard 5-- SAVE 60 Sears 449" 1 Semi-ve- e hyT Sears Best 22-i- n. 20 In. Mower 90E Water Softener with 3.5 Reserve Power Model 90E softens water up to 40 hardness grains per gallon. Easy to program to keep up with family water needs. a gasoline-powerefishing motor that lets you spend more of your time fishing and d No. 13-i- n. Craftsman 159" 79 Heres Engine weight is placed directly over slicer tines for powerful digging. Tines dig 12 and wide swaths. 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