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tf 20—THE CHRONIC1.E, Clinton, S. C„ June 6, 1968 • • •••••••• I • • • • • • • • • • ••••••••••a SELL IT WITH A CHRONICLE WANT AD ••••••••••••••••••••• 0 • • ••••••••••••• • Take a Close look at the Future "School's Out" now, and college years draw closer. Look ahead, act now! Make your child’s future secure with a College Savings Account here. Inter est compounded regularly keeps your money growing. FULL SERVICE BANKING Savings Accounts • Checking Accounts • Auto Loans Mortgage Loans * Personal Loans * Business Loans Bowk by Mmii • Safety DewsW • Travelers Checks BANK OF CLINTON Member Federal Deposit Insurance Corporation 3% Interest Paid on Savings Accounts Semi-Annually CITADEL (IRAIH’ATES—The Clin ton aulots shown above graduated from The Citadel in ceremonies Sat urday in Charleston. They are. lett to right, Cadet Hartley McMullen Caldwell: Cadet Richard Charles Da vis, and Cadet William M. Shields, dr. Caldwell, a Dean’s List student who was selected for ‘Who’s Who Among: Students in American Uni versities and Colleges’, was awarded the B.S. Degree in civil engineering. Davis, president of the Westminster Fellowship, received the B.S. degree with a major in mathematics. Shields, voted 'Most Versatile’ in the senior class, was awarded the A.B. degree and majored in history. FINAL SETTLEMENT Take notice that on the 10th day of July, 1968, I will render a final account of my acts and doings as Adm’r C.T.A. of the estate of Edgar Beltana Norton in the office of the Judge of Pro bate of Laurens County, at 10 o’clock A. M., and on the same day will apply for a final discharge from my trust as Ad- ministratriz C.T.A. Any person indebted to said estate is notified and required to make payment on or before that date, and all persons having claims against said estate will present them on or before said date, duly proven or be forever barred. Claudia K. Norton Administratrix C.T.A. May 31st, 1968 J6-4C-527 $1,000,075,000,00 There Is Over That Much Personal Insurance In Force In America. And You Don’t Believe In It? Milton P. Moore JEFFERSON STANDARD LIFE INS. CO. Joint Ownership Blessing Or Burden? BY RICHARD GANTT Att rney Presbvterian C llece Many pe pie wn their h 'use^ checking acc unts, and savings accounts jointly with right f survivorship. That is, manv people think they wn their pr - perty in this manner. The South Carolina law concerning joint tenancy and ther forms f joint ownership is not clear. Certainly you should consult y ur attorney on this matter. Some users ■ f the joint tenancy method of,owning property be lieve that owning everything to gether cancels -ut their need for a valid will. This is wrong. Both husband and wife need wills, re gardless T how they own property. The advantages f joint own ership are few. Property so owned does become immediately available to the survivor when one owner dies. The surviving spouse als' has cash available immediately. The property is not subject to pr 'bate C' >sts and si 'me estate administration c sts are saved. The disadvantages of joint own ership outweigh the good points. If a judgment is btained against either owner, it affects the title to the property. Ref re jointly owned property can be sold, both signatures must be secured. A husband may be liable for a gift tax if he creates a joint Re-Elect DAVID S. TAYLOR To Another Term In The South Carolina HOUSE of REPRESENTATIVES From Laurens County V *-. ★ EXPERIENCED Served in the House 4 years. ★ PROGRESSIVE Laurens County is enjoying the largest Growth F^riod in its his tory. ★ CONSERVATIVE Laurens County is in Excellent Con dition—$175,000.00 Reserve. VOTE FOR EXPERIENCE VOTE FOR PROGRESS AND GROWTH VOTE FOR CONSERVATIVE FINANCIAL STABILITY. Re - Elect DAVID S. TAYLOR Your Vote And Support Will Be Greatly Appreciated tenancy with his wife. Every time a husband purchases anything and places it in joint ownership with his wife, he makes a gift to her of !. ! 2 . 'f the property. Many think that owning pro perty jointly solves the estate tax problem. The Internal Revenue Service, however, takes the position that the first to die wned all the property. The sur viving spouse must prove by documentary evidence that he or she paid for half of the property. Finding this proof is usually im possible because of the necessity f saving these papers for long years. Of course, when the re maining partner subsequently dies, the full value of the pro perty will be included in the es tate. Every estate needs some cash to pay debts, commissions and other expenses. Both the jointly owned assets and the in surance proceeds are subject to tax, but they pass by agreement, perhaps leaving the executor with little property. The executor may be forced to sell other assets to raise money for debts, possi bly sacrificing a summer home or securities or even a business to pay these costs. Thus you see that you should hesitate before putting assets in joint names with right of sur vivorship. * * * OFFICE SUPPLIES THE CHRONICLE Sears SEARS, ROEBUCK & CO. CLINTON, SOUTH CAROLINA Satisfaction Guaranteed or Your Money Back! RESIDENTIAL FENCING — CHOICE OF STEEL, ALUMINUM, WOOD OR EXOTIC FENCES For a FREE estimate of your fencing needs call our Sales Representative: GARY YORK Office Phone 833-2411 Home Phone 833-1272 No Money Down up to 5 years to pay WAREHOUSE JOANNA STORES 3-Pc. Bedroom Suite, Bookcase Headboard— Reg. $229.95 Sale $109.00 3- Pc. Bedroom Suite — Reg. $219.95 Sale $139.95 4- Pc. Bedroom Suite — Reg. $379.95 Sale $239.95 • Cocktail Tables • Lamp Tables End Tables Step Tables Sale Price $3.00 $34.95 Magazine Racks $1.88 2-Pc. Living Room Suite $89.95 2-Pc. 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