I'm proud of it. When I left the state I saw how people in other places perceive UNC and its medical school. It is highly regarded as a place of excellence. As I've gotten older, I have gotten to the point of wanting to give something back. Our government encourages us to save and invest for retirement by offering individuals and employers a variety of tax-favored retirement plans.
Time is on our side.
Whether we receive the funds as a lump-sum distribution or as periodic payments during our lifetime, or whether the funds are paid to our beneficiaries when we die, they are 100 percent taxable. And if our estate is large enough to be subject to federal estate tax, the combined bite from estate and income taxes can be huge. The threshold amount for estates subject to taxes will increase in a series of steps through 2006. Estate tax rates begin at 37 percent and go up to 55 percent. The IRA is to pass to her son Jeff, who is in the 39.6 percent federal income-tax bracket.