A24-Lancaster Farming, Saturday, February 25,1989
I
F
A
R
MANAGEMENT
Clear Goals Simplify
Estate Planning
By Bruce G. Kreider
Multi-County Farm Manage
ment Agent
Estate planning is a complex
process, and certainly is not at the
top of our “to do“ lisfs. It forces us
to come face-to-face with our own
mortality. Knowing someday we
will die we must make hard
choices involving personal and
business relationships. If we die
without “putting our house in
order", added grief of chaos, fami
ly squabbles, forced sales of assets
and increased taxes are often the
results.
Establishing personal and fami
ly goals are the preliminary steps
in estate planning. Thought out
clearly these goals simplify estate
planning. Let’s look at the range of
goals that should be considered
before planning your estate.
Possible Estate
Planning Goals
1. Provide liquidity (cash) in
estate to pay costs and taxes. This
prevents a forced sale of a family
business, residence or other family
treasure in order to pay taxes and
settlement costs. Life insurance is
the common choice in providing
cash in the estate.
2. Provide for guardianship for
minor and/or handicapped child
ren. Name guardians and provide
funds to care for and educate your
children.
3. Provide ftr retirement securi
ty for parents during their lifetime.
4. Turn over business to family
members. This will require detail
ed planning and agreements.
5. Establish equity in estate divi
si6n between heirs. Equitable divi
sion does not necessarily mean
equal division. You must set the
parameters.
6. Provide instructions on the
division of family heirlooms and
antiques. Details are needed on
what goes to whom.
7. Provide for gifts to church or
other charities.
8. Minimize estate expenses and
taxes. In estates involving over
$600,000 in assets, tax considera
tions become more important.
Most strategies that reduce taxes
also require you to give up some
control of your estate.
Once you have prioritized these
goals, you should also take an
inventory of your personal and
business belongings and debts.
With your inventory and goals in
hand, you are now prepared to take
action with your estate planning
professional (legal counsel,
accountant, etc).
As you can see, estate planning
is more than writing a will. Note
also that as your family grows up
and your assets and debts change,
so does your estate. You will need
THMMOf
MHLDHK?
MAD LANCASTIR TIMING'S
to up-date your estate plan period!-,
cally to account for these changes.
For resources to help m setting
priorities and inventorying your
estate, contact your local Coopera
tive Extension office.
THANK YOU—
The Solanco Chapter And All Participants
Of The 1989 Pennsylvania Young Farmer
Winter Convention Wish To Thank The
Following Sponsors For Their Generous Support
Anderson Pretzel
Atlantic Breeders Cooperative
Atlantic Dairy Cooperative
Bank of Lancaster County
J I Case
Century 21 American Heritage
Cherry Hill Orchards
Distrct 12 - ADC
District 13 - ADC
Farmers First Bank
FMC Corporation
Fulton Bank
Gap Veterinary Associates
Groffs Orchard
Hamilton Bank
A.L. Herr & Bros.
Edgar M. Herr, Inc.
Herr Foods, Inc.
C.B. Hoober & Son, Inc.
Jim’s Surge
K&S Inc.
Kitchen Kettle Village
Lancaster Ford Tractor, Inc.
* 7
Landmark Genetics -
Joseph Graybeal
Lancaster County Dairy Days
Full Of News You Can Use
LANCASTER Lancaster
County Dairy Days are scheduled
for Tuesday, February 28 and
March 7 at the Lancaster Farm and
Home Center. People are encour
aged to come early to enjoy
refreshments and to visit a wide
variety of exhibits.
The Program focuses on many
issues facing the dairy industry.
One is the challenge of managing
high producing herds, with or
without the use of BST. Dr. Larry
Muller, will discuss the implica
tions of BST to dairymen and
modem feeding concepts. Dr. Lar
ry Hutchinson will update the
audience on Johne’s, and ideas for
keeping diseases off the farm.
How should you breed the cow of
tomorrow will be the focus of Dr.
Larry Specht’s presentation and
Bruce Kreidcr will round out the
day by discussing how dairymen
can utilize their land, their build
ings, their machinery and equip
ment, and other resources for
maximum benefit
D?iy two will provide an out
look presentation by Dr. Louis
Moore. Dr. Robert Graves will
help dairymen take a look at dairy
housing and manure handling con
cepts. A panel of dairymen and a
veterinarian will share how they
use data to spot strengths and
weaknesses in dairy herd manage
Little Britain Agri Supply, Inc.
Forney Longenecker
Manna Pro Corporation
Maplehofe Daily Farms
Milford Fertilizer Company
Miller’s Honey
Oxford Greenline r Inc.
Penn Jersey Products, Inc.
Pioneer Hi-Bred Inti, Inc.
Fowl’s Feed Service
Ration Maker Premixes -
Bill MacCauley
Jerome H. Rhoads, Inc.
Seedway, Inc. - C. Martin
Greenleaf
Spring Glen Farm Kitchen
Steen’s
Triple H Construction Co.,
Triple H Equipment
W & J Dairy Sales
Walter & Jackson, Inc.
Weaver Insurance Agency,
Wilbuj Chocolate Company,
ment and how they can monitor
trends or evaluate the results of
specific management practices.
Farm Management Agent, Alan
Shock will discuss farm leases,
partnerships and other agree
ments. Dr. Arlyn Heinrichs will
discuss how to raise heifers and
nutrient management profitably.
Local soil conservation people
will discuss nutrient management,
regulations and cost sharing
options.
Inc.
Inc.
Inc.