Here are some issues to seriously consider:
- Do you have an estate plan?
- Do you have a current will?
- Do you have a retirement plan? For you and your spouse?
- Have you arranged a fair settlement for farming and non-farming children?
- do you have a clearly documented plan to determine who will control and manage the farm?
- Is there a business plan in place to leave the business financilally secure?
- If something were to happen to you, is there a secure source of income for your spouse?
Why Farmers Need Estate Planning
- To reduce or postpone income tax while living
- To reduce or eliminate income taxes and expenses at death
- To provide the orderly distribution of assets upon death
- To provide for fair or equitable distribution to non-farming family members
- To ensure the family business/farm:
- stays intact for family or
- if none of them is planning on farming: to ensure they are not having to sell it after your death.
- To verify that the current Will coincides with objectives and goals
- To ensure that the current Will does not create additional costs or problems
- To ensure maximum advantage is taken regarding tax structures
- Outline expenses and taxation upon death
- Provides alternatives for passing down family business/farm
- Tailor-made to your family, goals and situation
It is important to note that each person's situation is unique. The proper planning process and my experienced team will assist in providing a solution built "just for you".
Please click here to get your FREE consultation to ensure your assets and estate is manage effectively during your lifetime and after your death.