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Newspaper Archive of
Jewell County Record
Mankato, Kansas
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February 6, 2003     Jewell County Record
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February 6, 2003
 

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Age Years Early Funding Investing (Beginning of Each Year) 35 : 30 ~ $575,584,29 40 25 379,262.19 5O 15 55 10 20 245,648.66 148,911,15 60 5 25.528.88 Late Funding The Benefit of ~ax DUd.he) Funding Early One Spouse Both Spouses $521~117.27 $54,467.02 $108,934.04 343,372,95 35.889.24 71.778.48 23,245.51 46,491.02 ," 134,819,83 t4.091.32 28.182.64 7,086.42 ~14A72.84 23.113.10 2.415.78 4.83I .56 :IRA Roger RatUff 120 ~st Kansas PO Box 281 Smith Center, KS 66967 (785) 282-3232 An Edward Jones self-directed IRA gives you: I Tax advantages | Rexibility | Tailored investments I Personalized service Transferring your existing IRA is easy. Call or stop by today for details. www.cdwardjones.com Member StPC @ Edward Jones Serving Individual Investors Since 1871 Passing on more to yOU F hei rs Until recently, the challenge with estate plann~g has usually been figuriug out how to keep a larg percentage of your m~ney from going to the govern- ment in taxes. But now, y~u can thank Uncle Sam for being more on your side. The tax relief act of 2001 allows you to pass on more assets to your heirs. A change in },our favor One of the more beneficial provisions starting this year allows you to transfer up to $1 million in assets free of federal estate taxes. (Under the previous law, this amount of tax exemption, or unified credit, would not have been reached until 2006.) The current exemption rate will continue to "increase to $3.5 million before repeal of the estate-tax in 2010. Under current law, the estate-tax repeal will only be effective for the year 2010. In 2011, the law will revert back to its status prior to the tax relief act of 2001 and will allow only $1 million to pass to your heirs free of estate taxes. An example to consider \., If an individual passed away ", in the year 2001 with a taxable estate valued at $! million, his or her heirs would have had to pay estate taxes on the amount of the estate that exceeded $675,000. Consequently, the taxable portion of that estate would have been approximately $325,000. Under the new law, an individual who dies in the year 2002 with an estate valued at $1 million leaves no federal estate- tax liability to his or her heirs. What should you do now? First, do not make the mistake of assuming that you don't have an estate- tax problem. If you already have an estate plan, it may have been drafted to take advantage of previous laws and provisions that will be repealed or modified in future years. Second, make sure all your accounts are titled properly to correspond with the provisiorrs in your estate plan. Time to review Your investment representaUve can work with your tax adviser and attorney to review your plan and help you take advantage of the estate-tax chhnges, including lower gift taxes and flexibility in naming your beneficiaries. If you haven't yet done any estate planning, now is an excellent time to do so. A D V E R T I S E M E N T