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

"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. WHAT IS YOUR ESTATE?.

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

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  1. "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

  2. 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

  3. 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

  4. 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

  5. PREPARING AN ESTATE PLAN • Learn the Terminology • Set Goals • Seek Professional Advice and Assistance • Update and Keep Your Plan Current

  6. 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

  7. KEY DOCUMENTS OF ESTATE PLANNINGCont. 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)

  8. 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

  9. 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

  10. TRANSFERRING A FARM—FACTORS TO CONSIDER cont. • Alternate transfer – Leasing • Selling Real Estate

  11. SOURCES OF RETIREMENT INCOME • Social Security • Rental or Lease of Immovable Farm Property • Pensions from Off Farm Employment • Savings and Savings Bonds • Off FarmInvestments (Stocks/Mutual Funds, etc.) • Certificates of Deposits • Annuities • Trusts • Insurance

  12. 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

  13. 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: anna_jackson@suagcenter.com

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