Wills, Trusts, and Estate Planning
“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin
According to an article by the AARP in 2017, an astonishing 42% of Americans aged 53-71 have no estate planning documents. South Dakota law dictates how the court will divide your property upon your death if you die ‘intestate’ – without a will. Your surviving family, even if they know your wishes, will have no control over what happens. The only way to ensure your intentions carry weight is to write them down, in accordance with the law.
Family Farm and Ranch Transition Planning
Wills and Estate Planning
Health Crisis and Incapacity Planning
Trusts for Asset Protection and Legacy Planning
Special Needs Trusts
Farm and Ranch Transition Planning
Do you own your land, or does it own you? After a lifetime spent working the land, possibly following generations working the same land, it’s a good question. Either way, passing on the family farm or ranch is more than just property. It is both a business and your family heritage.
Diana can help you plan to protect your legacy today and tomorrow. Today, she can work with you to set up a business entity that can reduce your tax burden and make transition to the next generation easier. For tomorrow, she can help you make a will or set up a trust to make sure that your heritage is preserved for future generations or divided exactly as you see fit. Protect your legacy.
Wills, Trusts, and Estate Planning
Wills versus Trusts: A will is a document that distributes a person’s property after his death. It sounds simple enough, but some kinds of property that pass through your will must go through ‘probate’ – a process where the court will oversee the distribution. Although in South Dakota the process is generally fairly quick and not terribly expensive, it is also public. And if you have not planned for your surviving relatives to have immediate access to cash to pay for living expenses during the probate process, it may not be quick enough.
Did you know that if you have to go into a nursing home, the facility may be able to claim your assets and sell your home to pay for your care? Plan in advance to protect your children’s inheritance!
A trust is an entity that holds property for the benefit of whomever you choose, and is overseen by a trustee who is responsible to act in the beneficiary’s best interests. If you put your property in a trust, you can avoid probate delays and costs, and your property distribution will be private. You can even set up a trust for a beneficiary that will release money at certain times or under certain conditions, and can protect the principle from creditors.
Keeping it Simple
Do you own real property, a vehicle or two, and less than $50,000 in other assets? South Dakota has a special legal option that can allow you to pass your property through your will with no need for probate.
Call Diana about a “Keeping it Simple” Package, which includes a simple will and planning your asset transfers, a Power of Attorney, and a Medical Power of Attorney. Peace of mind is more affordable than you think.
Health Crisis Planning
Who will make your medical decisions if you are incapacitated? Does that person know exactly what you want? Does she have the legal authority to make it happen? Don’t leave your loved ones agonizing over what your wishes are, or even worse, arguing over how to care for you when you cannot speak for yourself. A durable medical power of attorney can spare your family additional pain at a difficult time.
Diana can prepare a Durable Power of Attorney for Health Care for a reasonable fee . Do it for your family, and for yourself.
Special Needs Trusts
Your child with special needs deserves dignity, protection, and as much self-determination as possible when you are no longer here to support him. Did you know that a gift from your will after your death could disqualify him for government benefits?
A special needs trust, or “Supplemental Needs Trusts” can provide for child with disabilities without disqualifying him for certain important government programs, such as Medicaid or Supplemental Security Income (SSI).
Diana can not only set up a self-settled or third party trust (and explain the difference between the two in plain English), but she can administer special needs trusts for your child with compassion and respect, allowing him to make his own decisions as much as possible.