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<blockquote data-quote="snake67" data-source="post: 919370" data-attributes="member: 17764"><p>I seldom jump into insurance discussion as there are so many who seem to be dead set against it.</p><p></p><p>I actually have both whole and term</p><p></p><p>I am worth several million dead and about 10 cents as I sit here taking a break from fixing fence and cutting out the bull who got hurt today.</p><p></p><p>That being stated there is something I like to point out to people when this topic comes up.</p><p></p><p>Every time an old timer - and I am now one - kicks off there is he!! to pay with the land, the equipment, the animals and the house - the entire estate gets kicked by kids and relatives and such.</p><p></p><p>If people would simply get smart and discuss estate planning far enough in advance - they would not see family wrecks, ruined ranches and farms or tax burdens so high that the entire place has to be broken up and sold so the kid can keep a bit of it back.</p><p></p><p>If you would like to see your place continue on in the family there had better be some serious thought given to equalization of benefits when you die - otherwise grief and greed very likely will take the entire place down.</p><p></p><p>Even the kid who has not been home for 20 years has been known to challenge a will in court.</p><p></p><p>One of the best ways to do this is to use insurance. The payoff to the living is far greater than the expense is to the dead person.</p><p></p><p>Now, if you are a hobby guy, or a person who simply does not give a damm then that is fine.</p><p></p><p>But is there ANYONE on this board that has NOT seen a ranch or farm torn up by the survivors?</p><p></p><p>Any will <u>can be and often IS challenged</u> - do as you see fit - but remember - the kid that you promised the place to might not get to keep it unless s/he can come up with a schitte load of cash to buy off the others who have decided to take YOUR will to court.</p><p></p><p>It all might look rosy now, but once you are dead and buried and rotting in the ground, the real fun can start - as soon as that one PO'd kid or relative finds out how much your place is REALLY worth.</p><p></p><p>Do not want to pay the insurance costs? Get the kids to pool their money on you. Yeah, you WILL die someday. They can call it their guaranteed investment.</p><p></p><p>Mine have done it on me and I have done it on my folks.</p><p></p><p>And I have a pile of insurance that I no longer pay for as it carries itself. In fact some of it pays me on a monthly basis now. That nice 1500 dollar cheque I get from the insurance company every month has bought me some real nice stuff over the past few years and the death benefit is STILL growing!</p><p></p><p>Anyways - build your will, plan your estate and do nothing about the money and I guarandammtee you someone will be challenging that will in court, or there will be a tax burden or there will be creditors coming for money - and your heirs will have to solve that problem with cash - which might - if things go bad - just come form breaking up and selling your ranch or farm.</p><p></p><p>If you are independently wealthy or you are not concerned about your place then that is fine. If you have an operation you want to see carried on you better plan it out before you go - or someone just might plan it out for them self after you are dead.</p><p></p><p>Do not wait - you should have done this planning yesterday.</p><p></p><p>It gets more expensive the longer you put it off.</p><p></p><p>Best to all</p><p></p><p>Bez</p></blockquote><p></p>
[QUOTE="snake67, post: 919370, member: 17764"] I seldom jump into insurance discussion as there are so many who seem to be dead set against it. I actually have both whole and term I am worth several million dead and about 10 cents as I sit here taking a break from fixing fence and cutting out the bull who got hurt today. That being stated there is something I like to point out to people when this topic comes up. Every time an old timer - and I am now one - kicks off there is he!! to pay with the land, the equipment, the animals and the house - the entire estate gets kicked by kids and relatives and such. If people would simply get smart and discuss estate planning far enough in advance - they would not see family wrecks, ruined ranches and farms or tax burdens so high that the entire place has to be broken up and sold so the kid can keep a bit of it back. If you would like to see your place continue on in the family there had better be some serious thought given to equalization of benefits when you die - otherwise grief and greed very likely will take the entire place down. Even the kid who has not been home for 20 years has been known to challenge a will in court. One of the best ways to do this is to use insurance. The payoff to the living is far greater than the expense is to the dead person. Now, if you are a hobby guy, or a person who simply does not give a damm then that is fine. But is there ANYONE on this board that has NOT seen a ranch or farm torn up by the survivors? Any will [u]can be and often IS challenged[/u] - do as you see fit - but remember - the kid that you promised the place to might not get to keep it unless s/he can come up with a schitte load of cash to buy off the others who have decided to take YOUR will to court. It all might look rosy now, but once you are dead and buried and rotting in the ground, the real fun can start - as soon as that one PO'd kid or relative finds out how much your place is REALLY worth. Do not want to pay the insurance costs? Get the kids to pool their money on you. Yeah, you WILL die someday. They can call it their guaranteed investment. Mine have done it on me and I have done it on my folks. And I have a pile of insurance that I no longer pay for as it carries itself. In fact some of it pays me on a monthly basis now. That nice 1500 dollar cheque I get from the insurance company every month has bought me some real nice stuff over the past few years and the death benefit is STILL growing! Anyways - build your will, plan your estate and do nothing about the money and I guarandammtee you someone will be challenging that will in court, or there will be a tax burden or there will be creditors coming for money - and your heirs will have to solve that problem with cash - which might - if things go bad - just come form breaking up and selling your ranch or farm. If you are independently wealthy or you are not concerned about your place then that is fine. If you have an operation you want to see carried on you better plan it out before you go - or someone just might plan it out for them self after you are dead. Do not wait - you should have done this planning yesterday. It gets more expensive the longer you put it off. Best to all Bez [/QUOTE]
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