Describe the need for estate planning.
Description should include
- terminology related to estate planning, such as
- medical power of attorney
- will
- trust
- insurance
- inheritance
- reasons to have an estate plan
- transition planning
- the feasibility of the plan
- the role of taxes.
Process/Skill Questions:
- Why would a farm owner construct an estate plan to pass farm assets to his or her children?
- What are the consequences of not having an estate plan?
- What are the benefits of having an estate plan?
- How do taxes affect estates?