Los Banos Rotary Club History
Trust Officer Urges Careful Estate Planning

A. K. Falch, San Francisco, trust officer for the Bank of America, addressed members of the Rotary Club here Tuesday noon on the subject of "Estates." Pointing out that the average man spends the major portion of his life working to build up an estate that will insure and safeguard the well-being of his loved ones. Filch stated that in too many instances such estates are not administered as they should be, due to failure of the individual to establish a will that permits correct distribution and maintenance of the estate.
In former years, Falch said, the laws governing estates were not as complex as they are today, nor were federal and state inheritance taxes of primary importance. At the present time, the speaker said, any man who has built up an estate of as much as $50,000 should by all means prepare a will so that the property may eventually be distributed as he desires it should be.
Commenting on the fallacy of depending on gift deeds, by which property may be transferred to new ownership upon the death of the present owner, Falch emphasized that such deeds do not escape payment of inheritance taxes if the owner does not make complete transfer and relinquish his ownership at the time the deed is drawn.

Filch also touched briefly on legal interpretations relative to safety deposit boxes, letters to relatives and friends as a substitute for prepared wills, and the laws pertaining to distribution of community property.

September 17, 1948

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