Sep 17, 2014
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Farm Estate and Succession Planning

RSS By: Andrew Zenk

This blog focuses on making complex and difficult topics in estate and business planning understandable and applicable to the reader.

Andy is an Agribusiness Consultant for AgCountry Farm Credit Services, Fargo N.D., a farmer owned cooperative and part of the Farm Credit System serving eastern North Dakota and northwest and west central Minnesota.

"Planning" for Your Estate Planning Meeting

Feb 19, 2012

Analyzing Your Personal Estate Planning Concerns and Anxieties

 
When it comes to estate planning, it's important to identify your own personal estate planning concerns and anxieties.  The following are issues that are frequently discussed in estate planning. Identifying your feelings on these risks and those which are most pressing to you will help in the planning process.
 
Concern that assets left to your spouse (by joint tenancy or Will) might not pass to your intended heirs as a result of your spouse remarrying.
 
Risk of a child or other beneficiary losing his or her inheritance to creditors, lawsuits or to a divorcing spouse.
 
Risk of a child or other beneficiary losing his or her inheritance due to the mismanagement of the money.
 
Risk that upon the death of a child or other beneficiary, any inheritance received by that person might pass to a spouse (who may later remarry) rather than to a grandchild or other preferred heir.
 
Risk of unnecessary litigation from heirs who receive less than they think they are entitled to.
 
Risk of estate passing unequally due to nature of assets owned, such as where a farm or other business operation comprises most of the value of the estate.
  
Risk of frivolous lawsuits.
 
Risk of loss of assets to nursing home.
 
Risk of having to sell assets in a “fire sale” in order to create the liquidity needed to pay taxes and expenses.
 
Risk that the person(s) charged with managing your affairs after you’ve died will innocently make mistakes because he or she is unaware of what is required and is unaware of the personal liability for those mistakes.

 

The above is not an "all inclusive" list; but hopefully it will help you get started.

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