Estate planning tips

If you are among the two out of three farmers who hasn't done any serious planning, your estate will probably be taxed significantly more than necessary. Most others pay no estate taxes at all, while the majority of farm families do. Estate planning cuts across the fields of legal, financial and insurance planning, and calls for an understanding of farm and family business issues. Bringing the next generation into the family business is also a part of estate planning.

Some areas to consider:
  • Planning for untimely death and disability, including a contingency plan for your business. For example, will your spouse run the farm?
  • Working out a plan with an estate planning team — accountant, lawyer, consultant and insurance underwriter
  • Wills, estates, trusts
  • Gifting
  • Special farm use valuation
Questions to ask about retirement planning:
  • Do you know how much income Social Security will provide?
  • Are you familiar with various options in tax-deferred retirement plans (IRAs, Keoghs, SEPs)?
  • Are you aware of the financial options your life insurance may provide at maturity?
  • Have you considered the tax effects of leasing or selling real estate after retirement?

Contact us at info@fcssw.com for more information today!



   

     Tax and Business Alert       Newsletter
Credit
     Loan or lease?
     Equity Line of Credit
Management
     Have you checked your           title lately?
     Real "growth" for ag
         operations

     Phishing
     9 Business Succession...
     SIMPLE-IRA
     A closer look
     Investment Tips
 
     Loan officer
     Building a business plan
     Business mgt. advice
     Who needs a consultant?
Estate Planning
     Estate plan essential
     Do you need a will?
     Estate planning tips
     Is Estate Planning
         Worthwhile?

     Knowing your net worth...
Appraisal
     Who needs an appraisal?
Tax
     Records: What to keep...
     Year-end tax tips
     Alternative Minimum Tax
     Education tax credits
Ask Ken

     Buy-Sell Agreement
         - Q and A
 
     Savings Plans
     Estate Planning - Q and A
Newsletter
     The BottomLine
           Winter 08
          Spring/Summer 08
          Spring 07
 











  Back to top

Home |  About Us |  Financial Solutions |  Notebook |  Community |  Links
Online Banking  |  Search |  Site Map |  Contact Us
Privacy Statement

Equal Housing Lender - Equal Credit Opportunity Lender - Equal Opportunity Employer.

© 2000-2006 Farm Credit Services Southwest, ACA, PCA, and FLCA. All rights reserved.