If Single and Have Much

[FlyingLSimmentals]

of anything Please make a Will. It would sure make it easier on your family and heirs I think. At least it would show your wishes. Guess I'm saying don't put it off, never know how soon we're gonna go. We'll be going through a situation like this where a will sure would have made it easier for all involved. Just a reminder of something to think about for the single men and women out there whom doesn't have an immediate family.

 

[TennesseeTuxedo]

The state loves it when someone passes like that. They will get more than their fair share.

 

[greybeard]

Yes, make sure to update a will as 'things' are bought or sold...and certainly do so as loved ones pass on or new people come in to your life.

(ya don't want to be negligent and end up leaving assets to a dead person or to a now ex-wife and her new guy.... )

 

[sstterry]

The state loves it when someone passes like that. They will get more than their fair share.

Actually, TT that is a common misconception. The State gets nothing from an estate in Tennesse except repayment of its TennCare liens and that happens whether there is a will or not.

 

[sstterry]

Yes, make sure to update a will as 'things' are bought or sold...and certainly do so as loved ones pass on or new people come in to your life.

(ya don't want to be negligent and end up leaving assets to a dead person or to a now ex-wife and her new guy.... )

In this state, a divorce invalidates a Will that leaves everything to a former spouse. However, the more important thing is that if there is a divorce or circumstances change, you need to make sure your beneficiaries are changed on your life insurance, stock and bank accounts. Those are a matter of contract and they are bound to pay the money or stocks to the designated beneficiary.

 

[sstterry]

The state loves it when someone passes like that. They will get more than their fair share.

Actually, TT that is a common misconception. The State gets nothing from an estate in Tennesse except repayment of its TennCare liens and that happens whether there is a will or not.

And thats where a trust comes into play when it comes to land and farms.

I am not a fan of Trusts Hook, unless you have a boatload of money, I have never seen the point legally other than to tie up assets for future generations, unless it is a Spendthrift Trust that is needed. But there are many reasons to use them, just not for the common estate.

 

[sstterry]

I know the death tax isnt as big a deal as it has been in the past. Maybe there are ways around that, I dont know.

I can only speak of Tennessee, but we no longer have an Inheritance Tax here. Federally, the exclusion is $11.4 million per individual.

 

[TennesseeTuxedo]

The state loves it when someone passes like that. They will get more than their fair share.

Actually, TT that is a common misconception. The State gets nothing from an estate in Tennesse except repayment of its TennCare liens and that happens whether there is a will or not.

He is in Kentucky not Tennessee.

 

[sstterry]

He is in Kentucky not Tennessee.

My mistake, I know nothing about Kentucky Law unless it involves an injury.

 

[TCRanch]

The state loves it when someone passes like that. They will get more than their fair share.

Actually, TT that is a common misconception. The State gets nothing from an estate in Tennesse except repayment of its TennCare liens and that happens whether there is a will or not.

And thats where a trust comes into play when it comes to land and farms.

And everything else! Include medical directives.

 

[True Grit Farms]

I thought Hook was close to Rogersville TN?

 

[Bigfoot]

I'm always the opposite on this subject. What the other man accumulated doesn't interest me.

 

[TennesseeTuxedo]

I thought Hook was close to Rogersville TN?

The OP is in KY meat head.

 

[Brute 23]

Every one needs a will... a very detailed will. Dont turn blessings in to burdens for future generations.

The biggest mistake I see in agriculture is parents not surveying and dividing land before they die. The kids can always choose to put it back together in a partnership. Not dividing is not increasing the odds of it staying together. It's only increasing the odds of tearing you kids apart.

 

[Chocolate Cow2]

"Dont turn blessings in to burdens for future generations. " Brute-that is so perfect. I'm living the nightmare of this topic. 11 years of lawyers and accountants. Our farm division started in 2008. My parents died in 2011. The question that will forever remain unanswered in my situation is did they willfully intend for the son to be so favored over the daughters. It's taking another lawyer to put a stop to the insanity at $300 per hour. :cry2: One thing to be very aware of with a Trust is the on-going administration fees that can continue into perpetuity. Currently, there is another lawyer and accountant who are billing each of us 3 beneficiaries for fudeciarary expenses. A cow herd can not withstand these expenses.

 

[True Grit Farms]

"Dont turn blessings in to burdens for future generations. " Brute-that is so perfect. I'm living the nightmare of this topic. 11 years of lawyers and accountants. Our farm division started in 2008. My parents died in 2011. The question that will forever remain unanswered in my situation is did they willfully intend for the son to be so favored over the daughters. It's taking another lawyer to put a stop to the insanity at $300 per hour. :cry2: One thing to be very aware of with a Trust is the on-going administration fees that can continue into perpetuity. Currently, there is another lawyer and accountant who are billing each of us 3 beneficiaries for fudeciarary expenses. A cow herd can not withstand these expenses.

I've already gave my half of this place to my son. My daughter isn't interested in helping out on the farm so she's not getting anything besides a debt free education and what her brother wants to give her. I figure he'll be able to afford to buy her 1/4 share of the property that her mom gives her. She asked me why does the male always get the farm, I told her because he's worked his tail off for it.

 

[Lucky]

I feel the same way Grit. Whoever helps out will get this place someday. If nobody wants to help it means they're only interested in the money it'll bring when it sells. I know a few people around here that should leave their places to neighbors or hired hands.

 

[jltrent]

Some people think they can take it with them...........

 

[hurleyjd]

My wife and I have been to several meetings on Trust and have not fully understood them so far. These are meetings put together by some lawyers for elder people. The last one was the myths of medicaid. Pretty interesting you can still be very wealthy and still qualify for medicaid for a nursing home. Here is a little about some trust and what you might need. I do not want to leave any of my estate that is locked up by something that I am trying to control from the grave. Who knows what the future might hold for the folks you leave your assets to. If they manage it properly or pizz it off is no concern for me for I will never know it. They may manage it better and grow it and maybe not.

https://www.thebalance.com/do-you-really-need-a-revocable-living-trust-3505194

 

[Chocolate Cow2]

I spent the majority of my life on the farm. Brother & I bought land together. I watched the cow herd and pastures, he did the farming end of it. My grandparents left their land in a Trust that named us 3 kids-their only grandkids- as beneficiaries. My parents followed suit and put their land in a Trust. Dad & brother formed a Partnership in the mid-80's. It enacted the transfer of the cow herd & machinery to my brother. Dad said I wasn't included because Partnerships were limited to only two people. yeah right. Dad's health forced him to quit around 2007 or so. That triggered a minor division of the farm to equalize the assets of the partnership for my sis and myself. Brother was allowed to value the cattle. (Wouldn't you jump on an opportunity to buy pairs at $500?) An appraiser valued the machinery. Brother was a shoe-in on the Trust property. No other family member was given an opportunity to farm or rent the land. End of 2015, he refused to pay rent on the Trust property. Lawyer felt it was best to divide the farm. We all agreed. It started and went fairly well until the lawyer dropped dead May of 2018. Now, brother is exploiting a verbal agreement and the new lawyer & accountant aren't doing their due-diligence by reviewing files. Also, the Trusts of my grandparents and parents are empty but weren't terminated so all beneficiaries will pay fiduciary fees forever. My lawyers job is to get acknowledgement of the verbal agreement (I thank God I saved emails concerning this between myself and the original lawyer) and to terminate the fiduciary hold on my share.