Farming is a livelihood and a lifestyle.
As a farmer, growing things and planning ahead is important.
It is the rhythm of your life.
According to a recent Capital Press article titled “Ag Finance: Why you need to do estate planning,” this rhythm should include estate planning.
At the end of your life, probate without a plan will interfere with this rhythm of life for your loved ones.
Although an estate may need to be probated for asset distribution and creditor payments, an estate plan will make it simpler.
Dying intestate can be expensive.
It will cost you more in legal fees and, perhaps, even avoidable taxes.
Create an estate plan.
This will help your adult children and executors handle your affairs after your passing.
Do you have minor children or children with special needs?
If yes, you should work with an experienced estate planning to include special protections for them.
An inheritance trust can be beneficial.
Your money and assets will transfer to your beneficiaries when they are mature enough to manage them well.
A trust can also help you manage your farm during your lifetime while providing guidance for your beneficiaries.
They can provide an extra safeguard should you become incapacitated.
It may also help decrease capital gains taxes.
A living trust can be a good probate avoidance option you can amend and even revoke during your lifetime.
Take steps now to protect your farm and your family from the issues incapacity and death present.
Reference: Capital Press (December 20, 2018) “Ag Finance: Why you need to do estate planning”