Estate Planning Tools for Farmers
"Learn how to safeguard farm assets using trusts and estate planning tools provided by Megan Harris-Pero, Esq., to make informed decisions, prevent disputes, and protect family legacies. Explore financial advisor services for tax and succession planning to ensure a secure future. Understand the importance of estate plans, power of attorney, wills, and intestate succession for preserving farm assets and family wealth."
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Presentation Transcript
PROTECTING FARM ASSETS Trusts and Other Estate Planning Tools Megan Harris-Pero, Esq. Harris-Pero Legal Counsel, PLLC Saratoga Springs, New York www.HPeroLegalCounsel.com
The Waiting Room The Waiting Room www.HPeroLegalCounsel.com
What Is the Estate Plan For? Make Your Own Decisions Prevent Family Disputes Retirement Elder Long Term Care, Taxes Business Interests Succession Provide for Spouse and/or Minor Children Protect Family Property Privacy Protect a Special Needs Loved One
Financial Advisor Attorney Estate Tax Planning (NY and Federal) Succession Planning Income Tax Planning Long Term Care Planning Tax Advisor Mediator
Basic Parts of An Estate Plan: Basic Parts of An Estate Plan: Documents with Life Consequences Documents with Life Consequences Power of Attorney Health Care Proxy Living Will www.HPeroLegalCounsel.com
Power of Attorney New York General Obligations Law 5-1501 Important! Consider Farm Needs Modifications, Initials, Broad Powers Execution (notary, witnesses for SGR) Durable incapacity does not terminate Avoid Guardianship; Last Minute Long Term Care Planning (with modifications)
Basic Parts of an Estate Plan: Documents with After Documents with After- -Death Consequences Consequences Death Last Will & Testament or Intervivos or Living Trust (with Pour Over Will or Companion Will) www.HPeroLegalCounsel.com
Without a Will Intestate Succession Your plan is the State s Plan Should you pass away without a Will, your spouse will receive the first $50K and one half of your remaining (residuary) estate. The balance will be split among your children. EPTL 4-1.1-4.1.6 Consider the impact on farmers: Tying up assets in court Splitting the farm among non-farming heirs
Basic Parts of an Estate Plan: Planning for Your Family Planning for Your Family Minor Guardianship Designation Burial Designation Non-Probate Asset Considerations Out of State Property (Revocable Living Trust) Beyond Basics: Beyond Basics: Business Succession Planning Ethical Wills Long-Term Care (Medicaid, Insurance, or Pay?) www.HPeroLegalCounsel.com
Basic Estate Planning for Everyone Review how Property and Accounts are titled advisors can t plan for whole picture if we don t have all the facts Check and update Wills or Living Trusts Durable Power of Attorney Health Care Proxy and Living Will www.HPeroLegalCounsel.com
