Newspapers / Jones County Journal (Trenton, … / Jan. 14, 1971, edition 1 / Page 6
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ina’a 4 to and ■HIH -row e»«vc W"!"" ji an entirely difiK»cui p*w lent area which directly effects Tar Heel farms. Economists at North Carolina State University cite the fol lowing example of how a good, productive farm can become a non - productive farm through poor estate planning: A farmer in a Piedmont coun ty died in 1927 without leaving a will. He had one minor child, five grown' children and a widow. The widow receive a dowry of 23 acres of land. The remaining land was sold and the proceeds distributed among the children. adequate income from the time of her husband’s death until her own death years later. At her death, friction developed, among the heirs over estate settlement Consequently, her estate has not yet beep settled. The land has grown up in scrub timber and the buildings have fallen down.' Property taxes owed on the 25 acres amount to over $800. “This, and many similar ex amples of poor estate planning by farm families, illustrates the need for increased awareness of the problem associated with transferring property between generations,” point out the NCSU economists. The first step in estate plan ning, they suggest, is to consult a competent attorney. The basic idea of a will is to see that a person’s property is distributed according to his wish es. Without a will, the property will be distributed according to state law. There are two general ways of transferring property — wills and lifetime property transfers. A will allows a person to use the property while alive and specified how it will be distribut ed after the owner’s death. One important aspect of a will is, it can be changed by the proper ty owner as he desires. A person may be able to trans fer property while still alive, There are a number of lifetime property transfer methods and they can be incorporated into the will. Among these are: 1. Sales, in volving the transfer of title; 2 Gifts; 3. Life estate, in whicl the recipient has lifetime use oi the property but the ownershi] passes to someone else upon th< death of the recipient; 4. Trust under which a trustee receive control and manages propert; for the benefit of the owner 5. Partnership, in which two o: more people share ownership .^== W. R. Phillips, Director of the Winston-Salem Veterans Admin istration Regional Office, today reminded North Carolina recip ients o f monthly pension checks to carefully fin out, sign and promptly return their annual income questionnaires — by January 13 at the latest. Phillips noted that two-thirds of the North Carolina veterans and dependents, including par ents ol deceased veterans draw ing dependency and indemnify compensation, have returned the questionnaires received with their November 1 checks. The questionnaires request in formation on the amount of in come the beneficiary received in 1970, and the amount expect ed in 1971. Since 1971 pension payments will be based on this informa tion, it is important that ques tionnaires be filled out accurate ly and completely, signed, and returned no later than the Jan uary 15 deadline, Phillips ex plained. The veterans’ agency stressed that If they are not returned, beneficiaries, under the law, will not only lose next year’s benefits, but they may also be required to refund payments re ceived in 1970. Phillips urged veterans and de pendents in North Carolina who need help with annual income questionaires to contact the near est VA office. management and profits — pos sibly terminating upon the death of one of the partners; and 6. Corporation, which is a legal entity that holds and transfers property and carries on business in its own name. The stockhold ers (fanner and his family) own the corporation which will con tinue to operate even if a stock holder dies. Another method of lifetime property transfer is co-owner ship of real property between'a husband and wife. The survivor acquires title to the property upon the death of the spouse. “Tenancy in common” is not re stricted to related individuals and provides ifi> survivorship rights. Upon the death of one of the tenants, Ms interest goes to Ms heirs. And “tenancy with the right of survivorsMp” allows co-own ersMp of property with the survivor taking alL Legal assistance is virtually ' required in the proper prepara ' tion of any type of estate plan. r RENEW YOUR SUBSCRIPTION Tb THE NEWS r . , ONE HIGH STANDARD The same thoughtful consideration and complete dignified service is accorded all regardless of the cost of the funeral selected. array is clear bright blue found in porcelain covered cast iron and aluminum ware, ceram ics, glass and kitchen linens. Mushroom, flower and zodiac patterns are appearing more of ten, too. y v'-f Plain Jane utensils, including stewpots, knives, frypans and chopping blocks, will always be good. But the new emphasis is on gourmet items. Check on fondue sets, omelet paps, spring form cake pans, pizza boards and oriental sets. In addition, says Thelma Hin son, extension home manage ment specialist, North Carolina State University, there’s a strong push toward the “total look” in your kitchen. Linens, utensils, dinnerwear, furniture and appliances, both large and small, can be color co ordinated and can follow a single style. Visit store display to gather ideas for the “total look’” in your kitchen area, she suj Jesse Wethington Promoted to S-Sgt. Jesse P. Wethington, son of Mr. and Mrs. Jesse P. Wething ton, of Route 6, Kinston, has been promoted to staff sergeant in the Air Force. Sergeant Wethington is a ra dar operator at Charleston Air Force State, Maine, with a unit of the Aerospace Defense Com mand. - , -* The sergeant, who has served ANNOUNCEMENTS INFORMAL NOTES PRINTED NAPKINS in service and I want to take e of VA educational Can, I get heap in work out a program? A — Yes. Apply to VA for educational counseling, and pro fessional counselors may be able to he^> you decided on a tive program. , Q — I was discharge military service on September 20, 1970, aftet being on active duty for two years. At dis charge, I was told my Service men’s Croup life Insurance has been increased. Is that true? A — Yes. Since June 25,1970, unless you requested some lower amount, your insurance has beten $15,000. It continues for 120 days after discharge, and can converted to an individual, commercial policy if you apply to an eligible company during the 120-day period. If you were totally disabled at separation, your insurance may continue up to one year. For additional in formation, contact your nearest VA office. Q—Where do I send my change of address to make sure that I receive my VA pension check? A—Send your c-hange of ad dress to the VA regional office which has custody of yoifr rec ords, as well as to the Post Of fice. in Vietnam, is a 1960 graduate of Contentnea High School. His wife, Helen, is the daugh ter of Mr. and Mrs. Gerald Han ey of Grant Street Ext., Mineral City, Ohio. ed interest earning of the Na tional Service life Insurance (NSLI and United States Gov ernment life Insurance (USGLI) trust funds. : - He noted that dividends tot alling $255 million, and averag ing about $64 apiece, will go to about 4,000,000 veterans with NSLI (World War D) policies. The 163,400 veterans with USLI (World War I) policies will re ceive $20 million in dividends, averaging about $122 apiece. All dividends will be paid in 1971 oh the anniversary dikes of the pol icies, Phillips said. He stressed that since pay ment of dividends will be auto matic, veterans need not write the VA to receive payment. Vet erans who have instructed VA to retain their dividends will re ceive appropriate statements, he advised. , In 1970, more than 4,191,000 veterans^ with NSLI and USGLI policies received $264 million in dividends. Those with USGLI policies averaged more than $115 apiece, while those with NSLI policies averaged nearly $61. Phillips explained that the a mount of dividend a veteran receives depends on such fac tors as the plan of insurance, age of the insured, age of the policy and its face value. Stationery, printed by letterpress, raised letter, or finest engraving. §j|li
Jones County Journal (Trenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 14, 1971, edition 1
6
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