The importance of a will for farmers and ranchers
Western Livestock Journal
Most Americans, as compared with Europeans, die without a will. Even in cases involving extensive wealth, I am amazed to see the difficulty people have in taking the necessary steps to implement a will. This is particularly an issue for farmers, owners and breeders of livestock, and horse farms. Usually one’s principal assets are tied up in the animals and land, and if you have no will, there can be uncertainty as to what will happen after you die. Without a will, the continuity of your activity is something outside your control. Most people procrastinate making a will until it is too late.
Seeking legal counsel for preparing a will can often lead to fresh ideas on how to save on federal estate taxes and how to operate the venture in accordance with IRS Regulations under the hobby loss rule. Many people do not know that their life insurance can be used as a valuable tax savings device in what is called a Life Insurance Trust. It is usually important for your lawyer to check the deeds to property to make sure everything is in order. If properties are held in joint tenancy, this is also something to check, because frequently, there are errors in how these deeds are drafted, however disconcerting that may be.
