WHAT IS ESTATE PLANNING
Estate Planning is arranging your assets and properties in a way that your assets can be transferred to the next generation in the most beneficial manner. This is always a concern with family farms and while not always easy, proper planning, good advice, and open discussions can lead to solutions that best meet the needs of all.
WHAT SHOULD BE CONSIDERED IN ESTATE PLANNING
- Preserving sufficient income and property for the parents as they grow older
- Ensuring that the next generation knows what they will be receiving and when
- Minimize Capital Gains tax payable on the transfer of assets
- Looking at proper use and availability of financing
- Equitable distribution among children
- Continuation of business or farm business during transition phase
WHAT ARE SOME TOOLS OF ESTATE PLANNING
- Wills
- Inter vivos Transfers of land (transfers while alive rather than after death)
- Recognizing difference between ownership and control or operation of business
- Corporations
- Trusts
- Leases
- Financial Instruments such as Insurance, Mortgages, mortgages back to parents, promissory notes, gifts, etc.
WHO CAN HELP
Lawyers, accountants, insurance agents, and estate planners who have experience in this area. Having a background from a family farm, degrees in economics and law and with 30 years of experience in a rural practice James Wilde law Office is confident in our ability to assist families with these matters.