Sioux City Journal from Sioux City, Iowa on May 9, 1981 · 31
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Sioux City Journal from Sioux City, Iowa · 31

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Sioux City, Iowa
Issue Date:
Saturday, May 9, 1981
Page:
31
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I t Estate planning very important The Sioux City Journal. Saturday. May 9. 1981 B11 By Tim Connolly Journal staff writer Who should have a will? "Everybody over 19 years of age," says Norris G. Learner, a South Sioux City attorney. Preparing a will, also known as estate planning, basically involves determining how property is owned and to whom it should go when the owner dies. Having a will is a good way to avoid problems for your heirs, Learner says. "I would want to make a will to declare basically who my children are and my wife is in other words, who my heirs are." You would be surprised, he says, at the situations that can arise if specific provisions aren't made for distributing the estate. Learner has handled a couple of sad cases in which the couple thought they were married but legally were not; hence, no survivor receives no inheritence unless the marital relationship is affirmed In a will. If you don't decide in a will how your estate is to be handled, Learner says, the state will decide for you. He points out that a surviving spouse still has the right to renounce a will and handle the inheritance otherwise. This is sometimes done for tax reasons. Many people think a will covers all a person's assets, but this isn't necessarily the case. A life insurance policy, for example, will be paid to the beneficiary named in the policy, no matter what arrangement is made in a will. Also, Learner says, a will only operates on property that you own alone. In other words, you can't use your will to bequeath property in which you only share ownership. ;.XV1 Norris G. Learner Attorney Learner says the big reason for estate planning is to avoid federal estate tax. And good planning can literally save a fortune. Good estate planning, for example, can save $85,000 in taxes on a $500,000 estate, Learner says. The savings is accomplished by dividing the property between husband and wife and taking advantage of marital deductions in the estate tax. "Two estates pay less (tax) than one big one," he says. Life insurance plays a definite role in estate planning, according to Learner. An insurance policy should provide for the support of the spouse for three years, pay administration expenses, and cover the estate tax so the estate itself is left intact. FOR TOP PROFESSIONAL FINANCIAL PLANNING SERVICES IN THE AREAS 0F family life & disability income protection. business insurance & employee benefits. personal estate analysis ask about our Vanishing Premiums & non-smoker rates. call or write: DALE D. ERWIIM Sioux City Agency Office 2320 South Olive Sioux City, Iowa 511 06 (712)276-1730 representing fOHIO NATIONAL Life Insurance Company Many, if not most, estate plans should also include a trust arrangement, according to Learner. Under such an arrangement, a trustee manages the estate for the benefit of the heirs. Learner says trusts should be used whenever the nature of the property requires good management, such as farmland. Learner advises that trusts also be used in the following cases: 1. if the estate is valued over $175,000 (the approximate point at which federal estate taxation begins); 2. if there are children to provide for; 3. if the surviving spouse or heirs don't care to manage the estate themselves. Learner says many people, especially in the country, shy away from trusts because "they don't want some damn banker in Sioux City managing my farm." This fear of "outsiders" is not justified, in Learner's opinion. Trust officers are experts at management, he says, and they generally don't make any management decisions without first consulting the heirs and getting their consent. "They're business people," Learner says. "They know the laws. Why not hire an expert?" Preparing a will, then, might involve several professionals: an attorney, certainly; an insurance underwriter, probably, and perhaps a trust officer. Learner says accountants are usually involved in drawing wills when it's necessary to assign values to property. A will can also be used to nominate guardians for minor children. Wills vary in price according to their complexity and the amount of property involved, Learner says. A simple will for a single person might cost $60. A pair of wills for a married couple with a small estate might cost $150. Wills for those with large estates (over $175,000 and up) may cost several hundred dollars. Learner says it's necessary to review a will at least every few years. But What If You Live? 4 f'J L2 V J VERLAJ.ELGERSMA Let life insurance benefit yoij nun Tor estate planning, ie-tirement planning and building collateral. Life Health Group Auto Home i AC 712 729-3691 iil T What isaC.L.U.? CLU is the oldest and most demanding of the professional designations relating primarily to the life insurance sector of the financial planning field. Those relative few achieving the distinction must meet substantial ethical, educational, and experience requirements. In a climate of rapid change, knowledge becomes perishable. Competence withers. The only guarantee of continuing competence is continuing education. CLUs, like members of the other respected professions, meet this need for the most part through membership in their professional society the American Society of CLU. George W. Andrew, CLU 318 Badgerow Building, S.C. Floyd T.BIakely, CLU FARM BUREAU LIFE OF IOWA 601 Lombardy Road, Le Mars Ruth L Brodine, CLU 150 Shannon Drive, 14 Whiting Richard N. Broer, CLU NORTHWESTERN MUTUAL LIFE P.O. Box 714, Fort Dodge Glen W.DeZeeuw, CLU NORTHWESTERN MUTUAL LIFE Professional Plaza II Orange City Gerald N. Erickson, CLU NORTHWESTERN NATIONAL LIFE P.O. Box 307, Spirit Like Dennis L. Freeman, CLU BANKERS LIFE CO. OF IOWA 808 Lake Avenue, Spirit Lake Lawrence J. Freking, CLU NATIONAL FIDELITY LIFE 531 Badgerow Building, S.C. Donald R. Fray, CLU JOHN HANCOCK LIFE INSURANCE CO. 2002 So. St. Aubin, S.C. James R. Golden, CLU STATE FARM LIFE INSURANCE CO. 1410 Nebraska Street, S.C. Lars M. Granath, CLU AID ASSOCIATION FOR LUTHERANS P.O. Box 1526, Norfolk, NE. John T. Graser, Jr., CLU JOHN HANCOCK MUTUAL LIFE P.O. Box 998, S.C. Morton J. Greenstone, CLU B,G,T,T, 1309 Pierce Street, Box 3438, S.C. Robert L Hansen, CLU MURRAY INSURANCE AGENCY 809 West 7th Street, S.C. Robert F. Hanson, CLU NEW YORK LIFE INSURANCE COMPANY 530 Security Bank Building, S.C. Robert W. Hartman, CLU NEW YORK LIFE INSURANCE COMPANY 530 Security Bank Building, S.C. Forrest D. Hubsrs, CLU EQUITABLE LIFE OF IOWA 112 Central Avenue, SW Orange City ' William J. Hust, CLU LUTHERAN BROTHERHOOD 1213 Nebraska Street, S.C. Eugene E. Johnson, CLU STATE FARM LIFE INSURANCE CO. Box 636, Arnolds Park, la. Jerry T. Kallhoff, CLU STATE FARM LIFE INSURANCE CO. 4417 Manor Circle, S.C. James K. Keane, CLU NEW YORK LIFE INSURANCE COMPANY P.O. Box 3128, S.C. Donald D. Kelsey, CLU PRUDENTIAL INSURANCE OF AMERICA 344 Frances Building, S.C. Robert W. Logsdon, CLU MINNESOTA MUTUAL LIFE 3642 Virginia, S.C. Edgar W. McCracken, CLU UNION CENTRAL LIFE 4524 Meadow Lane, S.C. Patrick H. McDonnell, CLU CENTRAL UNITED LIFE 417 Commerce Building, S.C. Don R. Means, CLU NEW YORK LIFE INSURANCE COMPANY 530 Security Bank Building, S.C. George W. Molesworth, CLU NEW YORK LIFE INSURANCE COMPANY 530 Security Bank Building, S.C. Robert J. Morrisey, CLU MASSACHUSETTS MUTUAL LIFE 405 Frances Building, S.C. Carolyn J. Ohlfest.CLU NORTHWESTERN MUTUAL LIFE Route 1, Box 1308, Lawton Donald E. Ossian, CLU STATE FARM LIFE INSURANCE CO. Box 604, Denison, Iowa Dwight L Packard, CLU Moi nmgside College, S.C. William U. Patton, CLU AMERICAN MUTUAL LIFE INS. Drawer 1 105, Storm Lake Harold G. Poppen, CLU FIDELITY UNION LIFE INSURANCE 4200 MSide Ave., S.C. Ronald D. Rapp, CLU NEW YORK LIFE INSURANCE COMPANY 2315 Dakota Avenue, So. Sioux City, NE. C. Stanley Riven, CLU NORTHWESTERN MUTUAL LIFE INS. CO. P.O. Box 176, S.C. Milton E. Rystad, CLU 15 Renshaw Drive, Storm Lake Allen J. Salmon, CLU KENTUCKY CENTRAL LIFE P.O. Box 356, Danbury, la. Richard L. Shearer, CLU STATE FARM LIFE INSURANCE CO. 830 N. 24th Street, Dension, la. Jay C. Smith, CLU EQUITABLE OF IOWA P.O. Box 506, S.C. E. Harland Soper, CLU EQUITABLE OF IOWA 614 Frances Building, S.C. Gerald D. Sprick, CLU CENTRAL UNITED LIFE 417 Commerce Building, S.C. Paul G. Thorstenson, CLU MASSACHUSETTS MUTUAL LIFE INS. CO. 405-4 10 Frances Building, S.C. BurrE.Tyrrel, CLU JOHN HANCOCK LIFE P.O. Box 988, S.C. Richard G. Van Andel, CLU AID ASSOCIATION FOR LUTHERANS P.O. Box 1324, Norfolk, NE. Don Van Der Wiede, CLU NEW YORK LIFE INSURANCE COMPANY Box 164, Orange City Jerry E. Woolridge, CLU CENTRAL UNITED LIFE P.O. Box 3247, S.C. Dee C. Zanders, CLU NORTHWESTERN MUTUAL LIFE P.O. Box 248, Storm Lake This is your local Sioux-land chapter of the American Society of Chartered Life Underwriters. Get to know them better so they can better serve your life insurance needs. J-J Society of CLU

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