The Palm Beach Post from West Palm Beach, Florida on December 5, 1976 · Page 39
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The Palm Beach Post from West Palm Beach, Florida · Page 39

West Palm Beach, Florida
Issue Date:
Sunday, December 5, 1976
Page 39
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yyy y yy yyyy yyy yyy r rv fft y, I Palm Beach Post-Times, Sunday, December 5, 1976-C5 Store Hours Monday thru Saturday 10 a.m. 'til 10 p.m. Sunday 1 1 a.m.-7 p.m. Prices Effective thru December 11th. AiV U tl fllUtra Iff 1 .1 L' J V.i I ii r-.n II n m - O n m CiiniJnv 19 lu ir f 1 m " Tax Reform Act: Traps May Hurt I rtrvj rTjSPS few 1 kears VVTVt i x sassasasssaas J&xk. great gift Making the Law Work for You The Palm Beach County Bar Association The Tax Reform Act of 1976, signed into law by President Ford last October, might lower your estate tax, but only if your estate plan does not fall into any of the traps present in the act. Before the Tax Reform Act, the first $60,000 of a person's property was exempt from estate tax upon his death. But a new tax credit schedule which will be phased into the tax code will have the effect of raising the estate tax exemption to $175,000 by 1981. The so-called "marital deduction" has been changed drastically. Before the act, half of an estate could be given tax-free to your surviving spouse. The new act changes this and provides that the marital deduction is the greater of $250,000 or half of your adjusted gross estate. Most wills for estates ranging from $150,000 to $500,000 drafted under the old laws, should now be reexamined in light of the changes. Estates up to $200,000 may not be taxed at all, but the present wills for these estates may have complicated trust provisions which are no longer necessary. Also, persons with estates ranging from $200,000 to $500,000 may need to have their wills redrafted in light of the new marital deduction formula. Today most marital deduction clauses used in wills are known in tax circles as "formula clauses." The new act provides that if a will with a formula clause was executed before Jan. 1, 1977, and the maker of that will dies between Dec. 31, 1976, and July 1, 1979, the new marital deduction provisions will not apply and the tax advantages will be lost unless the formula clause is amended after Dec. 31, 1976, in order to take advantage of the new marital deduction formula. There may be situations where vou would not want to take advan- tage of the new marital deduction. For example, if your estate is less than $500,000, it may be to your advantage to make maximum use of the tax credit and minimum use of the marital deduction, thereby keeping your surviving spouse's taxable estate as small as possible. Careful analysis of your estate plan is essential if maximum tax savings are to be achieved. Another major change made by the Tax Reform Act is in the taxation of the practice of "generation skipping" or leaving your property to your grandchildren. Under the old law, generation-skipping transfers were possible where a person established a trust to pay the income for life to his child and the remainder to his grandchildren. Ordinarily, there was no tax when the child died The new act imposes a tax at the termination of the child's life in all cases. The definition of a generation-skipping transfer is set out carefully in the new statute. If your will contains a generation-skipping trust, it should be reexamined to determine the tax consequences under the new act. The net effect of the Tax Reform Act of 1976 is to simplify estate planning for estates under $175,000, and to lessen the tax burden on larger estates, if care is taken to avoid pitfalls present in the act. 12 - 21 OFF Boys' 3-Pc. Vested Suits Festive Dresses For A Girls' Holiday Season 4Freak' Law Overruled Little llovs Mm Suits Ki-Kulur 2:i.W 559 Long Dress, Toddlers' 2T- IT; Juvenile 3-6x Kef-ulnr $7.99 to ).)) 799 Legal Uriel's and 2097 2639 Hoys' 8-16 Suits Kepilur :$2.W 879aa 1359 Girls' 7-11 Long Dresses, Iteulur $10.99 to $16.99 Sealo the Seal Boy was the star attraction in a carnival sideshow traveling through the South. But his future under the big tent was endangered when the local police threatened to arrest him for violating Florida's "freak show law." The law prohibits exhibiting a deformed person at a place where an admission fee is charged. "We're closing down the freak show," said the local police chief. "It's immoral, illegal and it's embarrassing to handicapped people who earn an honest living." Sealo, whose feet and hands were deformed at birth, protested: "This is the only way I can earn a livelihood," he said. "This law discriminates against cripples and deprives me of my right to earn a living." Sealo and his employers at the carnival sued to prevent the police chief from closing the act. Toddlers' short or regular length dress, 2T-1T 5.97 Juvenile short or regular length dresses, sizes 3-6x 5.97 $1 1.99-$17.99 Girls' long dresses, sizes 8M1-16V4....9.59-14.39 Girls' short dresses, sizes 7-11 8.97 Girls' short dresses in "PRETTY PLUS" sizes 8M1-I6M1 9.97 We've picked up the colors of Christmas and spun them into the softest, most feminine dresses. She'll love the way she looks! Many in Perma-Prest fabrics. With lace, bows, all kinds of trim. 1.99 Bovs' long sleeve dress shirts, sizes 3-6x 1.17 $.11.99 Boys' Vested suit, husky sizes 27-3 tin. waist. 27.39 $5.99 Boys' long sleeve dress shirt, sizes 8-16 1.79 $11.99 Students' Vested suit, sizes 25-32-in. waist 33.59 $6.99 Students' long sleeve dress shirt, sizes 11-20 5.19 Great looking suits with that handsome finishing touch ... a vest. Select from several rich classic colors. All are machine washable and wrinkle-resistant. Choose a handsome dress shirt, too! WHO WON? The show must go on; the law is unconstitutional. "The statute is too vague to be enforced," ruled the court. "There are no standards for the police to decide what sort of disfigured persons may not be exhibited. "Besides, a person must be allowed a reasonable chance within his capacities to earn a livelihood. The law appears to unconstitutionally deprive persons of that right. In other words, it deprives them of property without due process of law." (Based on a recent Florida Supreme Court case as retold by Professor John Ritter and attorney Paul Levlne of the University of Miami School of Law.) CIIAHGE IT On Sears Revolving Charge STARRED ITEMS ALSO AVAILABLE AT APPLIANCE STORES HOMESTEAO 247-7330 MIAMI SHORES 754-3533 WESTCHESTER 226-5050 CAROL CITY 625 2655 0ELRAY BEACH 272-6990 SUNSET W. PLAZA 271-3410 I CUTLER RIDGE CORAL GABIES MIAMI S0RIMSI01 WESILAHD MALL HOLLYWOOD MALL FT LAUOERDALE POMMI10 W PALM BEACH It PALM BEACH KEY WEST O J3M?00 444 3SII )79 5411 M 7121 l?3H00 967 6711 764000 Mt-M00 133 7411 144 1363 294 4671 OCcllS Vil'MW -447 7344 374 1060 .) HM -SSI71M -63 7708 'SS1-3SSQ -77 UW H33 U4I '144 WI -794 SKI 'itK. mil-mill .n i . ii fo EasV' Convenient 24-Hour. 7-Day Catalog Shopping Call These Numbers Store Hours Monday thru Saturday 10 a.m. 'til 10 p.m. Sunday 1 1 a.m.-7 p.m. Prices Effective thru December 1 1th Key West Hours Moinluy-Sulunlay 10 a.m. -9 p.m. Sunday 12 Xtnm-5 ft. in. I Via'. Sears ft GREAT GIFT f SjMA J VALUES -ff JjfL ' 2 ave 5 to 40 Layers of Sweater And Shirt Over Sears Best Pants 99 69 6 11 n EXCEPTIONAL llepilar $9-S 16 to By themselves, or put together, these pants, skirts, shirts and sweaters make great gifts! Sears Best proportion fit pants and button-front skirt in a woven texturized knit. Plenty of polyester shirts and acrylic sweaters to match. In Junior sizes. $16 Pants, styles. 11.99 $9 Sleeveless sweater. 6.69 $16 Skirls, 2 styles. 11.99 $13 Pullover sweater. 9.69 SIO-SU Polyester $15 Wrap Cardigan Pongee Sliirt 6-$7.99 Sweater 10.99 CHARGE IT On Sears Revolving Charge u MIAMI NORTHSIDE WESTLAND MALL HOLLYWOOD MALL FT. LAUDERDALE P0MPAN0 W. PALM BEACH N. PALM BEACH KEY WEST 379 5411 696 2121 823 6100 987 6211 763 4000 946 6000 833-2411 844-1363 294 4621 374 1060 693-8100 658-7100 963 7200 561 3550 782 8810 "833-6641 844 8901 294 3751 CUTLER RIDGE CORAL GABLES 232 1200 444 3511 253 3090 442 2344 Sears STARRED ITEMS ALSO AVAILABLE AT APPLIANCE STORES HOMESTEAD 247-7330 MIAMI SHORES 754-3533 WESTCHESTER 226-5050 CAROL CITY 625-2655 DELRAY BEACH 272-6990 SUNSET W. PLAZA 271-3410 ' For Easy, Convenient 24 Hour, 7-Day Catalog Shopping Call These Numbers SKA IIS. IIHHII I K AND '.

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