Way to many variables to answer that one. In our area there are a group of Lawyers and life insurance pros that have grouped together to do just this kind of estate planning. Ou8r personal situation did not require additional purchase of life insurance but did require a change in how our land was titled and a very specific will with trust provisions. Our cost as I remember was about $700 for the total. We learned a lot by going to an estate planner specialist who knew the state and federal estate provisions. Don't waste your money with a general practitioner lawyer. See estate lawyer.
As far as the life insurance it is appropriate in cases where parents want to divide an estate equally among heirs but, don't want to see the farm sold out from any heirs that have an interest in holding on to it.
Our situation today makes me think that I should drop my life insurance and put the money towards disability insurance. wife does not need the extra life ins. but, i could forsee that their is a lot of risk if I were to be disabled for 3 or 4 months.
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Today's Featured Article - Tuning Up Your Tractor: Cooling and Fuel Systems, Hoses and Belts - by Curtis Von Fange. Our tractor is coming right along. The old oil and filter has been taken to the recycler and the air filter replacement has breathed new life into our motor. Let's take a closer look, now, at the cooling system since it has to work so hard in the summer heat. Cooling systems can be real cantankerous in their old age. Radiator cores clog up with rust, lime or other mineral deposits and the fins clog up with weed seeds and debris. The metal headers slowly corrode away from years of use and
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