Dr. Marsha Goetting, professor and extension family economics specialist.
Dr. Marsha Goetting, professor and extension family economics specialist, will be discussing estate planning in Montana, during the MonDak Ag Days event at the Richland County Event Center Friday, March 13 at 9 a.m.
Dr. Goetting will be discussing how the development of an estate plan can benefit just about anyone. Young or old, wealthy or middle class, an estate plan can reduce the taxes and expenses of an estate, simplify and speed the transfer of assets to the next generation and help ensure that beneficiaries are protected.
Goetting said, "Estate planning is the process of anticipating and arranging, during a person's lifetime, for the management and distribution of that person's assets during the person's life and after death. Some people use the term legacy planning which includes the values, hopes, aspirations for the future, and memories, you want to leave behind for your friends, relatives, and immediate family members. I plan to illustrate both. No longer are federal estate taxes an issue for 99.9% of Americans."
Goetting has a reputation of making estate planning interesting. She keeps attendees actively involved by offering opportunities to answer questions using electronic response clickers. People who attend Goetting's talk will learn why estate planning is essential. They will also learn when a will controls property distribution and when it doesn't and the advantages and disadvantages of a trust.
Goetting explained that her goal is to encourage attendees to take action towards planning their estates. "If they have a spouse, the first step is to discuss who they want to receive their property. Then decide to leave the property equally versus equitably. A visit with an attorney can help with the legal issues," said Goetting.
Creating an estate plan is not something everyone thinks about doing, especially young people. Still, Goetting said, "Even a young couple with children needs estate planning if for no other reason to name guardianship of the children and also the conservator. The conservator handles the money. A couple can have one person perform both functions or one person as a guardian and the other as a conservator."
If you do not complete an estate plan, it will enable others the opportunity to make decisions for you.
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