Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.
For each season, there is planning that you must do on the farm. To be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents to consider when crafting a plan to protect yourself, your family, your business, and your legacy.
Although it may not be ideal to think about the future of your possessions after your departure, creating an estate plan ensures you and your assets are protected during and after your life. For those who haven’t started planning their estate, here are ten pressing reasons to use estate planning services sooner rather than later.
You’ll need an estate plan to protect your assets and loved ones when you can no longer do it. Estate planning helps you designate individuals entitled to your assets in the event of your incapacitation or death. An attorney can guide you to ensure beneficiaries and heirs receive assets with minimal gift taxes, estate taxes, and other tax impacts.
It’s crucial to find probate lawyers specializing in estate law because they have the experience and understanding of this area of law to make the process as smooth as possible for you and your family.
Few people these days seriously consider the major benefits of estate planning, such as writing a will. While it might seem too early for you to write a will, it’s never too late to start.