Michael Cherewka

Most parents want to treat their children fairly in their estate planning and many assume that means having their children inherit equally. But fair does not necessarily mean equal. There may be special circumstances to consider.

Now is the time to begin looking at ways to minimize your 2019 income tax bill. This letter outlines several strategies to consider before the end of the year. We realize this is a lot of tax talk, but rest assured, we’re happy to walk you through how to determine the best strategy for you layman’s terms.

Signing away ownership of assets often seems contradictory when you start to think about creating an estate plan that gives you control of what happens to your accumulated assets and meets your goals for financially protecting loved ones.

However, you might wish to create an Irrevocable Trust for many purposes, such as reducing taxes, gifting, and asset protection. Assets placed inside cannot be easily removed later because you essentially relinquish ownership of those assets to the trust.

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. An out of date or inadequate estate plan could result in a farm or ranch that has been passed down for generations ending up being sold and converted into non-agricultural use.