Farm Legacy Planning
Plan to Protect
the farm
The biggest threat to keeping farms in the family used to be estate taxes. Now, it’s the expense that comes with a family member receiving long-term care. We can help protect your family from losing the farm due to taxes, probate, and long-term care costs, so you can keep it in the family for another generation.
The Right Firm
for Your Farm
Long-term care costs can be as much as $12,000 a month. This means families without estate plans can end up selling the farm to cover those costs. AlerStallings has the experience to help ensure that your farm and family stay protected.
Keep Your Farm in the Family
A customized plan to save your farm doesn’t start with charts and forms. It starts with listening to what you want for your business and future generations.
With Farm Legacy Planning from AlerStallings, you get:
Pride
that the farm your family worked so hard to build is protected from taxes and long-term care expenses
Comfort
that comes with knowing your farm won’t end up in probate court
Certainty
that you’ve taken care of important estate planning basics
Farm Plans That
Change with Your Family
An estate plan that protects your farm is not something you set and forget. It needs to evolve as your family grows, assets are acquired and finances changes. That’s why we plan yearly reviews of your plan on the house. Our services include:
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Farm Legacy Planning
Make plans now to protect your family farm for future generations
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Estate Planning Basics
Be sure that you have key legal documents for every stage of life
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Asset Protection Trust
Give a trusted person the ability to make decisions for you if you can't
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Probate Protection
Shelter the farm from being lost to long-term care costs or financial risks
Our Goal is to Help You
Reach Your Goals
We know estate planning can seem tricky and even intimidating. But our years of experience has helped us learn how to listen better, get to know our clients like family, and explain things in a way that makes sense. So you understand how you and your loved ones are protected.
What Are People Asking?
Having questions is common. And we want to make sure you understand what we do.
With that in mind, here are a few of the questions we hear most often.
Estate planning is generally the term used to describe the process of organizing and planning for when you become incapacitated and for the transfer of your wealth upon your death. Essentially estate planning is two-prong: 1. Naming powerholders who can make decisions about your financial and medical state during your lifetime when you cannot or chose not to manage your affairs yourself and 2. Addressing what happens to your assets when you die. Specifically, making sure that what you have goes to whom you want, in the amount and manner you desire, such as by outright bequests or the placing of assets in a trust for the benefit of the spouse, children or grandchildren.
A revocable trust can be revoked as long as those who granted the trust are of sound mind. Revocable trusts allow your assets to avoid the probate process, which is often a big financial burden on your estate. A Revocable trust provides more control over how distributions are made
An irrevocable trust cannot be revoked, so the document will continue to exist for as long as the terms of the trust dictate. This trust cannot be terminated prematurely. With careful drafting, an irrevocable trust can meet your goal (asset protection, tax planning) and allow flexibility in customization. When used properly, irrevocable trusts can be used to protect your assets from Long-Term Care.
Probably a lot more than you think. Rarely do people put pen to paper and add up all their stuff. This oversight leads to risk exposure to taxes, probate and long-term care costs you never even considered. And don’t forget to include you retirement accounts and cash death benefits from insurance too. I promise you Uncle Sam won’t forget, even if you forgot to plan.