The story of one farmer’s estate planning. Here’s a story I heard earlier this week. A Montana farmer died leaving a son and daughter. His living trust directed that the trustee distribute his trust estate, including his farm, to his son. He left investments equal to 10% of his estate in “TOD” (transfer on death)…
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Yes, it can happen. I just couldn’t believe it. I came into the office on Thursday, and there was a note that my afternoon meeting had been canceled. We were to finalize planning to transfer a farm from one generation to the next. But the big, strapping, energetic 48 year-old son who was to take…
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Sharing Estate Planning with the Family. Dad was an elderly retired farmer with four daughters. The youngest had had a number of financial scrapes, and Dad had bailed her out. So, when he sat down with me to do his estate planning, he directed that her share be reduced to even things up between the…
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Estate planning is not long-term care planning. Every lawyer says they do “estate planning.” That usually means powers of attorney and simple wills (without tax planning). There’s much more to estate planning than that. But there is also a serious concern that many people think estate planning addresses when it doesn’t. Castastrophic long-term care expenses.…
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This is why we do what we do. Yesterday Tanya, my legal assistant, said: “This is why we do what we do.” She held out a paper in her hand. An obituary. A couple – he 55 and she 53 – killed in a car wreck this week. Six kids and two grandkids. That’s not…
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The importance of estate planning. Jon and I presented our first Peace of Mind Protector workshop today. We started off by discussing the importance of estate planning. It’s good to be reminded every so often. It’s not a stretch to say that estate planning is one of the most important things we can do for…
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Your graduate needs to sign healthcare documents – this summer. It’s the time of year for graduation ceremonies. My daughter, Hannah, is graduating from the University of Montana law school on May 25th. It sounds like most of the family will be in Missoula to enjoy the spectacle. Becky and I could not be…
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Leaving property to heirs: outright or in trust? Should you leave a distribution to an heir outright or in trust? Jon and I have this discussion with our clients every day. There are numerous issues to be considered. Today we’ll delve into a few. If the heir is a minor or is incompetent, it’s easy.…
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A key to a successful business exit: “growing“ an employee into an owner. Business exit planning usually means working to successfully transfer the business to an “insider,” an employee or child. Once we’ve helped the business owner (1) clarify goals and (2) figure out the value of the business and how much cash flow it…
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What if a business owner dies in the middle of an ownership transition process? As part of our Business Exit Planning Process, we plan for what would happen if the business owner died in the middle of the transition process. We’ll design a plan so, that if transition to a new owner is to be…
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