Transcript "Women In Agriculture Educational Program on the Necessity of Proper Estate Planning"

Southern University Agricultural Research and Extension Center
"Women In Agriculture--Educational
Program on the Necessity of Proper
Estate Planning"
By
Attorney Anna M. Jackson
Agricultural Specialist
National Extension Women in
Agriculture Education Conference
St. Louis, Missouri
April 6-7, 2006
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
WHAT IS YOUR ESTATE?
• Consists Of The Property You Own At Your
Death
• Includes items such as: real estate (immovable
property), stocks, bonds, cash, business
interests, life insurance, retirement accounts,
benefits, certificates of deposits, bank accounts,
furniture, jewelry, clothes, etc.
• Must Plan For It
• As Long As You Are Alive, Never Too Late To
Plan
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
PREPARATION FOR ESTATE PLANNING
You Must Know And Consider The Following:
• What Property Or Other Items Do I Own
• Where Are These Items Located
• Are Each of These Items in a Proper State to Transfer
• Who Are the People Who Depend Upon You For Support
• What Will Happen To Me if I Become Incompetent in the
Future
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
PREPARATION FOR ESTATE PLANNING
cont.
• What Plans Do I Need To Make For Long Term
Care
• What Type of Extraordinary Medical Treatments
Would I Prefer or Not Prefer
• What Type of Funeral, Memorial, Cremation
Arrangements Do I Want
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
PREPARING AN ESTATE PLAN
• Learn the Terminology
• Set Goals
• Seek Professional Advice and Assistance
• Update and Keep Your Plan Current
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
KEY DOCUMENTS OF ESTATE PLANNING
• Will-legally binding document, contains instructions that
guide the actions of your personal representative (executor)
• Durable Power of Attorney-appoint a person to act as an
agent (on your behalf ) for various matters
• Health Care Power of Attorney-appoint a person to made
decisions regarding health care
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
KEY DOCUMENTS OF ESTATE PLANNING
Cont.
• Living Will-type of extraordinary medical care
expected when health is poor
•
Trust-legal title of property is held and managed for the
benefit of someone else (different from a will—not
probated)
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
ESTATE PLANNING ISSUES TO CONSIDER
• Who Will Receive Your Property
• Who Will Be Your Executor/Trustee
• Who Will Raise Your Minor Children
• Will a minor Inherit Your Property
• Is a Trust or a Will Right For You
• Who Will Make Decisions For You When You
Cannot
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
TRANSFERRING A FARM—FACTORS TO
CONSIDER
• Your Financial Security In Retirement
• Financial Position of the Person Taking Over the Farm
• Social Security Position
• Tax Considerations
 Purchased Farm
 Inherited Farm
 Selling Crop or Livestock
 Self Employment Tax
 Sale of Breeding Stock and Machinery
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
TRANSFERRING A FARM—FACTORS TO
CONSIDER cont.
• Alternate transfer – Leasing
• Selling Real Estate
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
SOURCES OF RETIREMENT INCOME
•
•
•
•
•
•
•
•
•
Social Security
Rental or Lease of Immovable Farm Property
Pensions from Off Farm Employment
Savings and Savings Bonds
Off Farm Investments (Stocks/Mutual Funds, etc.)
Certificates of Deposits
Annuities
Trusts
Insurance
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
TOOLS OF ESTATE PLANNING
• List of Assets (and their Value) in Proper
Form
• Original and Copies of All Documents
• Place to Store Documents
• Appointed Power of Attorney
• Will and/or Trust
• Plan for Retirement
“Linking Citizens of Louisiana with Opportunities for Success”
Southern University Agricultural Research and Extension Center
Contact Information:
Anna M. Jackson, Esq.
Southern University Ag Center
Ashford O. Williams Hall
P.O. Box 10010
Baton Rouge, Louisiana 70813
Tel. 225-771-2242 ext. 319
Fax 225-771-2861
Email: [email protected]
“Linking Citizens of Louisiana with Opportunities for Success”