Big Muddy rancher said:
I think a bunch of us are at the stage of life where Estate planning should be done. :?
Sometimes it's not as clear cut as one would like and difficult decisions need to be made.
Not saying I've done much yet, would appreciate ideas.
Not sure what you are looking for as far as info, but one thing I found out some neighbors do, who are a fair sized family, when a son is ready to join in, he buys a set amount of life insurance on the oldest member. He pays the cost and when said member dies, the whole ranch gets the money, pointed towards expansion, form the way things have been going in the past, evidently. Also have a neighbor who the wife and husband bought insurance on the father and mother. When the father died, the son who was not on the ranch got the money and the husband/wife, got half the land. When the mother passes on, the son will get the insurance and the couple will get title to the rest of the land. At least that is how it was explained to me Seems like a fair way to do it.
The Catholic Church has a non profit institution of some sort that will help with estate planning. I one instance, a couple left money to the institution, which drop the taxes enough that the heirs were better off than if they had done nothing. I don't think yo have to leave them anything, as far as the institution, but in cases like this, it was a win/win. Probably other Churches also have similar programs/institutions.