OCR Text |
Show Peter Maughan, Development Officer, (Fourth in a series on Estate Planning) Many people seem to think they can get around planning for the future by ignoring it. That may work in some areas, but not in money matters. The fact is — inflation, which currently reduces the value of your hard-earned dollar by more than 18 cents per year, and taxes, which the average wage earner works until May of each year to pay, are doing your financial planning for you. These two culprits are stealing the value from your spendable dollar — and if you don’t know it you are ignoring the facts. Everyone, from the corporate executive to the boy or girl mowing lawns or starting a first paper route, needs to practice some sort of money protection. A few minutes spent planning your finances — right now, today — could pay large dividends in extra spending money in the future — as soon as a month from now. There’s no mystery to doing it — it’s not as complicated as you may think — and you have a large amount of financial peace of mind at stake. Financial security is not how much you make (although more is usually better), but how much you are able to keep! The whole idea is to keep enough to supply your needs and have enough left over to gratify at least some of your wants without getting into an uncomfortable or dangerous debt position. Financial planning is mostly common sense. It’s as simple as not gettng over your head in debt — It’s as simple as putting way something, ideally 10% of your take home pay, each month at a good rate of return (and to sacrifice to do it if you have to)— It’s as simple as paying cash for everything you can and not stacking your debts one upon the other. The whole idea is simple, it’s keeping your wants from getting all tangled up with your needs. There’s a big difference. Wants you can do without. Needs are the absolute necessities. There are many other ways to make your dollars go farther and to protect them from the ravages of taxes and inflation. One of several types of trusts may provide a way to disburse income. A Keogh plan, an IRA or one of a variety of tax shelter annuities may also defer your meeting with the IRS until you have reached an age where your tax bite has decreased, usually after retirement. In addition, a gift of property, securities, or money to an Page 8 educational institution such as Weber State College may not only provide a substantial tax write-off, but also a lifetime income for you and your spouse. One primary way in which a charitable gift may benefit both the donor and Weber State College is through a life estate contract. A life estate is the gift of a home or farm to Weber State College or to another charitable organization during the owner’s lifetime with the owner reserving the right to live in the home or farm throughout the lifetime of both husband and wife. When the last spouse passes away, the charitable organization receives the property. “Major benefit to donor is an immediate tax write-off’ One of the major benefits to the donor is an immediate tax write-off that may be taken when the paperwork is completed designating the charitable organization as owner. This write-off may be prorated over a total of six years depending on the donor’s taxable income. In addition to the tax advantages, during the donor’s lifetime all income or benefits that are derived . from the property go to the donor and not to the charitable organization, even though the organization is technically the owner of the property. In addition, there are several other advantages to the donor for making a gift of a life estate. For example, there is a substantial reduction in estate and inheritance taxes because the gift is removed from the estate of the donor. There is also the elimination of capital gains tax liability on the transfer of the property. Finally — there is the donor’s satisfaction in knowing that a gift has been made in his or her name which will provide direct help for worthy programs at Weber State College that would not have been otherwise possible. If you would like further information on making a gift to Weber State College, or are interested in the personal benefits that come from protecting your present and future earnings through estate planning, please write the Development Office at Weber State College or call us at (801) 626-6568. WSC seeks vice president of Academic Affairs In order to make certain that all possible qualified candidates for the position of Vice President of Academic Affairs are brought to the attention of the Search and Screening Committee, President Rodney H. Brady encourages anyone who is acquainted with a person who Is qualified, and believes that person should be nominated, to send names and addresses to Dr. Garth Welch, chairman of the Search and Screening Committee. The committee will then request these nominees to submit their application if they are interested. Qualifications are as follows. Vice President of Academic Affairs applications and nominations are invited for the position of Vice President for Academic Affairs to become effective upon the retirement of the current vice president January 1, 1981 or another mutually agreeable date. The position reports directly to the president and is the chief academic officer for the college. This position is responsible for all academic affairs including the operations of the schools of allied health sciences, business and economics, education, humanities, natural sciences, social sciences, technology, and the continuing education program. The Vice President for Academic Affairs supervises the deans and academic support programs, coordinates the review of curricula and programs, chairs the academic planning council, monitors faculty productivity and effectiveness, oversees faculty retirement, promotion, retention, tenure and dismissal, facilitates faculty improvement and professional growth, prioritizes resource allocation, and is responsible for the budgets of the academic segment of the college. In addition, the Vice President for Academic Affairs serves as the principal innovator for the integration of the liberal arts, professional and technology |” components of the curriculum. The Vice President for Academic Affairs should be willing to be highly visible to the campus and local community, show personal support for | 7 student and campus events and participate in local community service opportunities. Candidates must possess an earned doctorate and should be recognized both y 7 as an outstanding teacher and scholar, substantiated by a creditable record of scholarly activity. Candidates should possess, as evidences by previous administrative experience in higher education, skills in administration, planning, management, communications, and leadership to lead} a diverse academic program. Candidates should also have a record of demonstrated support for student and campus events as well as participation in| local community service opportunities. Salary is negotiable depending on qualifications. Applications will be received until July 7, 1980. Applications must include a letter of application with accompanying vita, three letters of recommendation anda one page statement of the applicant’s educational philosophy. Submit nominations or applications to: Search |) Committee, Vice President For Academic Affairs, C/O President’s Office, Weber State College. West—‘“‘Sagebrush *“The Western States are being deprived of their constitutional opportunity and responsibility to develop their own lands and to be responsible therefore.’’ This was a comment made by Frank Madsen, administrative assistant to U.S. Senator Orrin Hatch, during an address to WSC students and faculty. Madsen was on campus to promote his boss’s support of the Senate bill commonly referred to as the ‘*Sagebrush Rebellion.”’ Madsen said the strongest argument in favor of the bill which would return federally-owned lands to several western states including Utah, is a constitutional one. ‘*Each state came into the Union Owning its own lands,”’ he said, ‘‘and this is a precept that we ought to follow.” ‘*The people of the state of Utah have the wisdom, sophistication, ability, the gq | Rebellion’’ expertise, the knowledge, desire and love of their land to utilize it to the best — advantage. . . far better than some bureaucrat sitting in Washington, D.C.,”” said Madsen. Teacher shortage (continued from page 5) locate positions. The most favorable employment areas appear to be in all elementary grades, and subject areas of mathematics, natural sciences, physical sciences, learning disabilities, reading, English, music, and physical education (with coaching). There are also shortages of teachers with skills in individualized instruction — and bilingual teachers. Dr. Low emphasized that unless present trends change, the dilemmain ~ supplying adequate numbers of teachers will become one of the acute crises in public education. ‘nett iene sateen a Are you trying to ignore future... |