Pinnacle Legacy Law Blog

It’s Planning Season

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.

Trust

A trust is a written agreement funded with the assets you own and names a trustee to oversee and administer the assets on behalf of named beneficiaries. In the beginning, you can be both the trustee and the beneficiary. One benefit of a trust is that should you become incapacitated, the successor trustee that has already been named in the written agreement can seamlessly step in and continue handling the financial assets owned by the trust on your behalf. When you pass away, the remaining assets will be allocated according to your instructions in the trust. Because the assets are deemed owned by the trust, and you have already determined what will happen to them, there will be no need for probate. A specifically-crafted trust has the additional benefit of protecting your assets (the farm) from your beneficiaries’ creditors.

IMPORTANT

You need to make sure that you work with an experienced estate planning attorney to ensure that any trust that is created and funded with farming assets is structured in a way that does not disqualify or reduce any governmental farming subsidies you could be receiving.

Financial Power of Attorney

A financial power of attorney is a written document in which you appoint a person to handle various financial and property transactions. This can include signing contracts for you, making deposits into your bank account, managing property, paying taxes, and opening new accounts for you. The specific powers given to an agent under a power of attorney will depend on your wishes and what you list in the document. If your land, equipment, and associated bank accounts are in your name alone, it is incredibly important to have this document in place so someone will have the authority to maintain your business and associated transactions should you be unable to do so.

Medical Power of Attorney

Farming can be a very strenuous and taxing career. Having a medical power of attorney in place is therefore crucial. This document allows you to name an individual to make medical decisions on your behalf if you cannot do so. While this is only applicable if you are incapacitated or otherwise unable to communicate your own wishes, this document will save your family a lot of time and money by making it unnecessary for them to go to court to have someone appointed by a judge.

We understand how important your farm and family is to you. We want to ensure that you are properly protected and that everything is in place to transition your farming legacy to the next generation properly. Call us to schedule an appointment so we can evaluate your unique situation and craft a plan to help ensure your legacy will be a lasting one.

10 Reasons to Start Estate Planning Now

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.

What You Lose By Not Planning

The motivation to put a legal plan in place increases when you fully understand what you lost when you do not plan.

How to Find a Quality Probate Lawyer

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.

Do You Have Planning Phobia?

Most people dread the thought of sitting in a room with a lawyer discussing how their assets should be managed and distributed if they become incapacitated or die. Most of the planning tools utilized by PLL legal teams leave the client in total control – including the power to invest their assets and, in most cases, the power to spend the assets as they choose while they are living. Your assets are just that. YOURS.

It’s Planning Season

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.

Three Principles for Financial Independence

You can risk your time. You can risk your interest. But never, under any circumstance, risk your principal. If you have a principal, you can recover. If you don’t, you have to start from scratch.

Estate Planning Mistakes Farmers and Ranchers Make and Avoiding Them

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.

Top Reasons Why You Should Have a Will

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.

Estate Planning 101: Everything You Need to Know

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.

Start protecting your legacy.

Click the link below and schedule a call with a member of our team.  We will explain our unique process for working with farmers, ranchers and their families. The call is FREE!