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Plan Your Estate

From Generation to Generation

Many people worry about their final affairs. They wonder if they need a Will or Trust. Some worry about taxes and other costs. Others are concerned about inter-family conflict.

The tax and legal environment surrounding estate planning can be confusing, and navigating the complex relationships in any family can be a harrowing experience. Let us help you work through this process. Click on the links below to learn more about our estate planning and estate administration services.

Estate Planning

What is estate planning?

An estate plan concerns an individual’s estate, which is all of the property owned by an individual, or any property in which an individual has an interest. An estate plan concerns the management of an individual’s estate during life while disabled, and the distribution of the estate at death.

What are the different types of estate planning tools?

Last Will and Testament

  • A Will is a document that distributes probate assets to heirs upon death. “Probate” is a court proceeding in which a judge determines the validity of a Will, a personal representative collects the decedent’s assets and pays the bills, and then distributes property to heirs.
  • Wills are useful in distributing property to heirs. If you do not have an estate plan, your estate will likely pass according to state law.
  • Wills are also useful in appointing someone to act as personal representative, the person who is in charge of the estate.
  • A Will is also useful to name guardians for minor children. A guardian cares for your children in the event you are deceased.

Trusts

For more information about Trusts, see our Trust section.

 

Gifts

  • A gift is the transfer of property to another without receiving any compensation.
  • Federal gift tax is imposed on gifts of a certain amount.
  • At present, you can give away up to $13,000.00 to any person, or number of persons, without tax.
  • Gifted property is removed from the estate of the donor.

Powers of Attorney

  • What is a power of attorney?
  • A power of attorney is a document that allows another person or institution to make decisions for you in the event that you are incapacitated.
  • Why do people adopt a power of attorney?
  • A power of attorney allows someone to collect income, pay bills and manage assets when you are unable to do so yourself.
  • Some powers of attorney allow other people to make healthcare decisions for you in the event you are incapacitated.

Why do people adopt an estate plan?

  • An estate plan allows you to minimize estate and inheritance taxes.
  • An estate plan will help you reduce administrative or other transfer costs.
  • Estate planning allows you to distribute property to your heirs.
How We Can Help You

We act as trustee in all manner of irrevocable trusts, revocable trusts, testamentary trusts, and life insurance trusts. In this role, we collect income, manage assets, and make disbursements in accordance with a trust agreement. We are also available to serve as co-trustee or successor trustee for those who wish to manage their assets until death of disability. Although we specialize in agricultural assets, we are available to serve you on almost any type of trust.

If you would like additional information on trusts or the trust services we offer, please give us a call at (402) 759-3114. All consultations are free.

All of the information contained herein is for informational purposes only. The material is not intended to constitute legal, tax, investment, or financial advice and may not be used as such. Effort has been made to assure that material presented herein is accurate at time of preparation; however, this material is not intended to be a full and exhaustive explanation of the law in any area or all of the tax, investment, or financial options available. You should consult a lawyer or tax professional to insure that the same is accurate and appropriate for your unique situation. Pursuant to IRS Circular 230 you are informed that any tax information contained in this communication is not intended as tax advice and is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.