Your objectives will drive the entire estate-planning process, so it is important to clearly articulate your goals. These goals should serve as a guidepost to your estate-planning attorney in helping to formulate the correct game plan. It might not be possible to fully meet all of your goals; therefore, when you meet with your estate-planning lawyer, make sure to emphasize …
Succession Planning for Your Farming Business
Proud of my little cousin Austin Rincker- He made the cover of the Illinois Field and Bean last month (the flagship publication of the Illinois Soybean Association). He is noted in the article starting on page 6 titled “Successful Succession- Begin With the End in Mind.” If you follow this blog then you know how important succession planning for farms, …
Hear Me Talk Farm Estate and Succession Planning on Heritage Greenhorns Radio
I will be on Heritage Radio Network out of Brooklyn tomorrow, Tuesday, January 14, 2014 from 4-4:30pm ET during the Greenhorns Radio spot. My interview focuses heavily on the farm estate and succession planning (not purposefully – it’s just the way the conversation went). I’m a huge believer that families should have open and candid conversations about succession planning of …
Personal Finance – Smart Women Finish Rich
Hope you are having a lovely holiday season. I’m home visiting family in Illinois right now at the Rincker Ranch. This blog is long overdue. I enjoyed reading this book last summer beachside in Coney Island. A friend of mine, Jeanne Berger, one of the top financial advisors at Chase Bank, suggested “Smart Women Finish Rich” by David Bach to …
Ask Cari: What are the Common Mistakes Farmers Make When Creating Their Estate Plans
I was asked this question by a farm journalist. My response is below. Mistake #1: Believing that having a Last Will and Testament is an “estate plan.” Many people think that “estate planning” is really just hiring a lawyer to draft a Last Will and Testament; however, it’s more complicated than that. A good estate planning attorney will have you …
Conversation Starters about Estate and Succession Planning for Farms
Don’t be afraid to have open and honest conversations with your family about estate and succession planning. “The only thing certain in life is death and taxes,” Ben Franklin famously said; so let us not make the topic taboo. In order for a farm or agri-business to successfully pass to the next generation (if that is what you want), …
Overview of Common Estate Planning Documents for Farms
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …
In 2013, Improve the “Default” Estate Plan for your Family Farm
I make no secret on this blog about my passion for farm estate and succession planning. It is oftentimes pushed aside to be dealt with later. I wanted to note that I was interviewed by Farm Journal in this article regarding the improvement of the “default” estate planning for the family farm. I suggest that my readers look into the …
New York Estate Planning, Medicaid & Trusts
Happy New Year’s Eve! For those of you thinking about your New Year’s Resolutions for 2013, I recommending getting your estate planning in order. Kudos goes out to Daniel Timins, a law school classmate of mine, for putting together some excellent New York estate planning and medicaid presentations. This presentation gives a nice overview of New York Medicaid. The presentation …
Succession Planning for the Family Farm
A few months ago, Feedstuffs magazine published an interesting article by Rod Smith discussing the obstacles that young farmers face. It reminded me of the importance of succession planning for the family farm. “More than a third of U.S. farmers are 65 years old or older, according to the U.S. Department of Agriculture” — a statistic that many of us …
Difference Between Owning Property at Death as Tenancy in Common or Joint Tenancy with Rights of Survivorship
I’ve enjoyed reading this book by Neil Harl on farm and estate planning. Harl does a nice job illustrating the difference in holding property at death in Tenancy in Common vs. Joint Tenancy (with rights of survivorship). Harl explains (page 22), “[a]t death of a tenant in common, that individual’s undivided interest passes to that individual’s heirs under state law …