Will My Estate Go Through Probate? If you die with a valid will, your assets will still go through the probate process. However, after creditors have been satisfied, the remaining assets go to whom you’ve identified in your will. If you want to leave money to your children and name a guardian for the minor…
No Will or Trust Will or Trust – If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit card companies will all seek payment on balances you owed at the…
Farmers and Ranchers Farmers and ranchers have complex estate planning needs. They may have children who want to continue the farming or ranching business and children who do not. They will be forced to decide who inherits the land, the equipment, the livestock, and other assets, all the while trying to keep things fair and…
Joint Ownership Many people, including farmers, ranchers, and others, believe that the easiest way to plan their estates and avoid probate is to own property in joint names with family members. However, farmland or ranch property that is jointly owned and enrolled in programs administered by the U.S. Department of Agriculture may result in subsidies…
Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust? An asset protection trust is a special type…
Liquidity Needs Liquidity Needs – Incapacity and death are expensive and often require cash to pay expenses. But, farmland, farming equipment, personal residences, automobiles, and other personal effects are illiquid. Without properly planning for immediate and long-term cash needs, families will be forced to quickly sell land and equipment for pennies on the dollar. Farmers,…
Asset Protection Trust Your Way Asset protection trust designed for inheritance protection can be as rigid or as flexible as you choose. For example, a beneficiary can be added as a co-trustee at a certain age or after the beneficiary reaches a specific goal such as graduating from college. Another option is to name a…
Is Joint Ownership For You? WORD OF CAUTION: Don’t think you’re protected just because your assets are held jointly with your spouse, child, or family member. Here are three reasons why you shouldn’t rely on joint ownership: Limited Power: While a joint account holder may be able to access your bank account to pay bills…
Documents You Need to Find After a Loved One Dies After a loved one dies, you need to gather the important documents that are necessary to settle their final affairs. While the documents required will vary depending on what your loved one owned and owed, below is a list of common documents you will need…
WHAT NOW? Since You Bought a New Home Now Is the Perfect Time to Review Your Existing Estate Plan. This is an excellent opportunity to make sure that the individuals you have appointed in the crucial roles of guardian, executor, agent, or trustee can still carry out those duties when the need arises. Over time,…