Posted by JMS/.MN on March 12, 2012 at 17:18:03 from (209.237.107.155):
In Reply to: Ot post: wills posted by JayinNY on March 12, 2012 at 16:43:53:
I"ve had a Will since I was in Army Special Forces, mid 60s. Very obvious need then, even being single. It is the best thing you can do in your life, and death. Actually, you have a Will, but your State wrote it. If you want control over your assets, upon your death, you need a Will. Mrs and I made new ones after marriage and starting farming in the 70s. Big issue now is....size of your estate and estate tax laws. Now, if you have a couple hundred acres of land, with present estate laws, you have an inheritance tax issue that needs to be recognized and addressed. Fewer acres, other assets, same issue when it reaches the target level for tax impact. A year ago, Congress passed a two-year extension of estate tax issue (Bush tax cuts). It will be revisited, or tax rate goes back to 55% of estate value. A year ago we created a family trust (actually 2- one for me and one for mrs). Delineates how everything passes to the surviving spouse, then the 6 kids, and their survivors, if that is the case. Also protects family interests from a surviving in-law. Cost about 2 grand but protects all interests, ELIMINATES probate- where ANYONE can put in a claim to the estate. Also includes my plan for bidding for all my hobby stuff, tools, equipment, etc. Look into establishing a TRUST. Revocable trust, you can change as things change. Irrevocable trust- it is set in stone. Really rich people put some in an irrevocable trust- leave it to charities, etc., and use a revocable trust to pass things to their family members. The good thing about this- you are thinking about it now, are concerned, and want options.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
