
What Do Farmers Need to Create an Estate Plan?
When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life.
When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life.
Maintaining a valid and current estate plan is vitally necessary in order to ensure the efficient and orderly dispersion of assets after a person dies. However, even a small mistake can create huge problems during the settlement process, and in many cases, these errors are impossible for anyone to correct.
With COVID-19 impacting more and more Americans, individuals across the country are scrambling to set up wills and end-of-life directives.
Estate planning involves making a plan for the transfer of your property upon your death or incapacity. Your estate is all of the property you own, which can include cash, jewelry, cars, houses, clothes, land, retirement, investments and savings accounts. The goals of estate planning are to make sure most of your estate is transferred to your beneficiaries, you pay minimal taxes on the estate and children are assigned guardianship.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
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