If you spend all of your lifetime working and accumulating
assets but don’t take the time to pre-plan for the distribution of
these assets by writing a will or an estate plan, this may cause
your estate to incur and pay more taxes—estate, inheritance
and income—than is necessary, leaving less for family members
and loved ones. Some experts have suggested that total tax
rates might reach 80 percent or more, with approximately 50
percent in federal taxes, 25 percent in state taxes and possibly
five to 15 percent in city taxes.
People cite several reasons why they haven’t created an estate
plan from believing they’re not old enough or rich enough to
simple procrastination. Perhaps the biggest reason people delay
estate planning is because it reminds them of their mortality.
However, estate planning can also be viewed as an opportunity
to direct how and to whom your assets will be distributed.
Please consider creating or updating your estate plan today.
Then be sure to discuss your wishes with a qualified financial
planner or other competent advisor. Should you have questions
about the language for naming Palmer College as one of your
charitable beneficiaries, contact Senior Development Officer
Lois Kundel toll-free at (800) 722-2586. At the prompts, press
3 and then 4. Or e-mail Lois at firstname.lastname@example.org.