B2—Lancaster Farming, Saturday, April 19,1950
BY SHEILA MILLER
LITHZ Estate plan
ning— these two words have
taken on a new meaning for
a lot of Pennsylvania farm
families.
The importance and in
terest in estate planning can
be seen by looking at the
calendar of events of many
farm organizations, banks,
and the county Extension.
Barely a week goes by that
there isn’t a meeting
somewhei j on this topic.
So what is estate plan
ning? To find out, let’s start
with the basics.
If we look at the two words
that make up estate plan
ning, we might get a very
simple definition of what it
involves.
Relying oil the expertise of
Webster, we go to the dic
tionary and find that the
word estate can be defined
as ‘possessions or property,
especially a person’s
property in land and
tenements’. It also includes
in the definition the fact that
an estate is the assets and
liabilities left by a person at
death.
Now, Jet’s look at the word
‘planning’. Webster tells us
that planning means ‘to
arrange the parts of.
Combining the two
definitions, we see estate
planning is the process of
arranging a person’s assets
and liabilities they will leave
after their death to their
heirs.
An over-simplification of a
complex subject? Yes, but
Webster gives us a base on
which to start building the
system. By taking it one step
at a time, you’ll be able to
watch the planning process
proceed from start to finish,
pulling out the parts that fit
your life.
Now, let’s go back to our
What does estate planning mean
government took the
necessary action to im
plement the first federal
estate tax in 1939.
The first set of stumbling
blocks in estate planning
were laid down with that
legislation. Ever since then
people have been trying to
figure out what an estate
involves, and how they can
successfully pass on their
farms and businesses to the
next generation without
paying too many taxes.
According to B. Wayne
Kelly, an Extension
Agricultural Economist at
Penn State, an estate in
cludes: real estate, cash,
checking account, savings
account, bonds, stocks,
certificates of deposit, in
surance, pension benefits,
retirement oenefits,
In the United States, the
experiences and memories
for some more information
on estate planning.
In books and novels about
the past, we read how
wealthy people in days gone
by simply wrote their wills
on a sheet of parchment. And
upon their death, their
wishes for the division of
their personal property were
solemnly carried out by the
town’s magistrate or their
family lawyer.
In today’s world, death
and all its problems are not
so easlily solved. Estate
planning and inheritance
regulations have become
more complex.
The gpvemment, seeing a
source of income slipping
through its fingers, stopped
the passing down of family
fortunes without taxation.
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revocable trusts, household
property, automobiles,
personal properties,
machinery, livestock, and
any gifts made to others
within three years of the
person’s death.
No sooner has death oc
curred than property of the
deceased in the above
categories is ‘frozen’ and the
Federal Estate Tar is in
voked. The value of the
property is determined by an
appraisal, and taxed ac
cordingly.
Without proper estate
planning, the taxes levied on
the estate of the deceased,
now referred to as a
decedent, can consume all
that the individual has
worked and struggled for
during his or her lifetime.
Next week’s Lancaster
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Fanning will take a closer The continued series will ]
look at the Federal Estate found in the front of Sectu
Tax and its 1976 revision. B.
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