development

Time to think about estate planning

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 lois.kundel@palmer.edu.

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