Estate Planning, Collaborative Family Law & Mediation

Category Archives: Of General Interest

Information of general interest to those looking for a lawyer, working with a lawyer, or clients of Cameron Law PLLC, a solo Minnesota law practice providing Estate Planning, Collaborative Family Law, and Mediation services to clients in Rochester and surrounding communities

Estate Planning and the Family Farm

The family farm is more than just an asset and an estate plan for the family farmer should do more that simply name heirs, nominate executors and provide for guardians. It should offer a framework for the smooth transition of the family farm from one generation to the next.

The estate plan should transfer ownership and management of the farming operation, land and assets. It should avoid unnecessary income, gift, and estate taxes. It should ensure financial security and peace of mind, not just for you, but for all generations and it should help develop the next generation’s management capacity.

An estate plan will start with a Will, a health care directive and a power of attorney. Since laws, especially tax laws, change it is important to review and update these documents regularly so that these documents continue to ensure that your family will continue to make decisions should the landowner becomes seriously injured or terminally ill. As the estate plan for the family farm develops, additional thought will be put into evaluating the appropriate form of business and methods for transferring both operations and assets to the next generation while insuring that all generations are comfortable with the commitments involved.

An advanced estate plan may include strategies like

  • Using conservation easements to protect farmland from non-farm development (this can also reduce transfer taxes where the market value of the land is much greater than its restricted value);
  • Annual gifts of assets to gradually transfer the farm to the next generation as well as to reduce the taxable estate;
  • Including life insurance to fund buy/sell agreements, establish trusts, pay for estate taxes, provide for non-farming heirs, and to ensure there are liquid assets to pay expenses and bills without selling land or equipment
  • Incorporating structures like limited partnerships, corporation, and buy/sell agreements to insure an orderly transfer of the farm and, if desired, to allow for the separation of management and ownership.
  • Having long-term care insurance to protect family assets from being used to pay for nursing home costs.
  • Trusts to provide financial security for surviving spouses, children and grandchildren.

Successful estate planning for the family farm will balance commercial and conservation goals, it will provide equitably for all heirs and will be a team effort, included financial, tax, and legal advisors. It will also recognize that providing equitable settlements for the heirs does not, necessarily, mean creating equal shares of a farm for all, rather it can mean providing adequately for each heir’s needs and recognizing each child’s contribution to making the family farm succeed.

The successful estate plan is tailored to the needs of the family farm’s circumstances. It is designed to meet the unique situation and goals of each family farm.

If you would like to discuss your estate planning needs, Cameron Law is here to help.

 For a complimentary initial consultation, call 507-206-4976

Estate Planning for Women

First, estate planning is important for everyone; despite your age, gender, or financial circumstances, you have an estate and if you don’t make plans for its distribution at your death, state law will make those decisions for you.That said, estate planning may be more important for women than for men. Statistics show that (a) women… Continue Reading

Your High School Senior and Estate Planning

Congratulations, your child is about to graduate from high school and is about to begin their life as an adult. With all that preparation – graduation parties, summer jobs, packing for college, etc. the average young adult tends to overlook one of the most important things they should do when they turn 18 – estate… Continue Reading

Working With Your Lawyer (Part 3)

Here are the final two tips for having a successful attorney-client relationship: Talk about legal fees and charges at your first visit Your attorney should talk to your about the cost of representing you at your first meeting. An attorney cannot always determine exactly what the fees will be because estimating the amount of work… Continue Reading

Working With Your Lawyer (Part 2)

Communication is the foundation of a good attorney-client relationship. Here are a few hints to help build that foundation. Prepare for phone calls and meetings with your attorney. Organize your materials and information before you talk with your attorney. Prepare a written summary or detailed notes that outline your problems and questions. Depending on the… Continue Reading

Working With Your Lawyer

Like any relationship, a successful working relationship with your lawyer involves trust and cooperation, so: Give your attorney complete and candid information. The side effects of online vardenafil online australia compose of light headedness, dizziness, vomiting, headache, diarrhea, nausea, fatigue etc. order cialis no prescription Write and Submit Articles Articles are one of the most… Continue Reading

DIY Estate Planning

In these cost-conscious times, it is not uncommon to ask yourself: “why shouldn’t I write my on Will?” or “Why shouldn’t I use one of those on-line Trust forms?” after all, your situation seems simple enough, you know how you want your estate to be handled and, given all those readily available on-line forms,  it… Continue Reading

When Do I Need a Lawyer?

While there are many simple legal situations that you can handle on your own, it is best to consult with a lawyer when the circumstances and/or the laws are complex. Further more, lawyers can help you even if you don’t have a legal dispute with someone else. Think of it this way, legal advice is… Continue Reading

About

Welcome to Cameron Law PLLC. Being a client-centered, Collaborative law practice, Cameron Law is able to offer clients more control, more privacy, more individualized results and a more civilized process as they develop their estate plans, transition through divorce, or work towards a mediated settlement. Cameron Law helps clients focus on their most important goals,… Continue Reading