Good estate plan requires legal help
NEWARK, Del. - Far
mers work hard and are
known for their thriftiness.
Most of the money they earn
above that needed for living
is invested in the farm
business. With land values
increasing each year, along
with big investments in
machinery, buildings and
livestock, many farmers
have an estate of half a
million dollars or more.
This is' the owner’s
property, and he has the
right to say how he wants it
to be distributed at death.
But, points out University of
Delaware Extension
agricultural economist W.T.
McAllister, if the owner
doesn’t exercise this right,
the state of Delaware will
distribute the property
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ARNETT’S GARAGE N. 6. HERSHEY
& SON, INC.
Rt. 9. Box 25
Hagerstown, MD
301-733-0515
BURCHFIELDS, INC.
112 S Railroad St
Martinsburg, PA 16662
814-793-2194
PAUL M.
BYERS, INC.
CHAS. I.
Chambersburg, PA 17201 McGOMSEY & SONS
717-263 8568 Hickory Hill, PA
215-932-2615
n
NORMAN D.
CLARK & SON
Honey Grove, PA
717-734-3682
FARMERSVILLE
EQUIPMENT, INC.
RD4
Ephrata, PA
717-354-4271
FARNSWORTH
FARM SUPPLY INC.
103 Cemetery St
Hughesvilie, PA
717-584-2106
GEORGE N. GROSS,
INC.
5261 Davidsburg Rd
Dover, PA 17315
717-292-1673
60S FARM
EQUIPMENT, INC.
Seven Valleys, PA
717-428-1356
HANDWERK BROS.
SERV. CENT.
RDI-Neffs
Slatington, PA
215-767-5946
among the heirs, according
to law. In many cases this
will result in a very un
satisfactory division of the
wealth that has been ae
cumulated.
Some people draw up a
hasty, vague will and think
They have taken care of the
job of estate planning. This
is better than nothing,
assuming it is a valid will.
But a will is only the final
step in estate planning, says
McAllister. First of all, it’s
necessary to determine how
best to structure the estate
so that the heirs will receive
maximum benefit from the
property one leaves them.
Here are some of the
things that a good estate
plan should do. It should
provide sufficient income
Manheim, PA
717-665-2271
PAUL W.
HISTANO CO. INC.
697 N Mam St.
Doylestown, PA
215-348-9041
MILLER
EQUIPMENT CO.
RDI
Bechtelsville, PA
215-845-2911
ERNEST SHOVER
FARM EQUIPMENT
19 W. South St
Carlisle, PA
717-249-2239
SHUEY’S
SALES SERVICE
Ono, PA
717-865-4915
STANLEYS
FARM SERVICE
RD 1 - Off Rte. 125
Klingerstown, PA
717-648-2088
STOLTZFUS
FARM SERVICE
Cochranville, PA
215-593-5280
IVAN J. ZOOK
Route 655, Belleville, PA
717-935-2948
for the surviving spouse and
minimize state and federal
estate gift taxes. A good plan
will place-the responsibility
of estate settlement in the
hands of someone capable of
doing it and keep court costs
to a minimum. One should
avoid splitting the farm
property among the family
members and into small
uneconomic units and
provide enough cash for
paying estate taxes and
other costs without forcing a
sale of the farm business.
Estate planning starts
with a listing of all personal
assets, as well as those
owned jointly with others.
Real property should be
separated from personal
property. Current market
values should be placed on
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the assets. Notes should be
made about any special
treatment for family
members or friends so that
these provisions can be
included in the will.
Having done all this, it’s
time for a person to seek
legal advice on preparation
of a will that will best meet
one’s wishes. The lawyer
will prepare the formal part
of the will, but be may
suggest a call upon a
financial advisor, a tax
consultant, an insurance
agent, or a bank trust officer
as well. These people have
the expertise needed to help
a person meet all the
requirements of a good and
legal will.
Planning an estate and
backing up this plan with a
Lancaster Farming, Saturday, May 27,1978
will is an easy thing to delay
and neglect. Estate planning
also costs some money,
which is another reason for
procrastination. But when
putin terms of knowing that
one has provided for the care
of his spouse and family,
avoided family conflicts and
unnecessary forced sale of
the farm property, and
probably saved some tax
dollars for his heirs, the need
to tackle this undesirable job
right now is unmistakably
clear.
Trend confirmed
How ya gonna keep ’em
down on the farm? The
answer is, you can’t. The
February 1978 Reader’s
Digest noted that in 1975 one
in every four Americans
lived on a farm. Today only
one in 25 does.
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A CULTIVATOR
Tricky business
It takes the nerves of a
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Tuning, action-regulating
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strument is tricky business.
A piano consists of 12,000
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ivory, and felt parts. A
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Sins Missed
When a preacher recently
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which ones they were
missing
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