Farmers should have a traditional estate plan. However, because of the unique nature of owning your own farm, farmers should also have a succession plan to ensure that the farm stays in the family. The same attorney that helps you with an estate plan can also help you to make a succession plan to protect the family farm.

The exact succession plan that any farmer needs depends on the size of the farm and who the farmer wants to leave it to. In some cases, you might want to start giving some of the land to your heirs during your life. An attorney can help you come up with a plan to do this that minimizes transfer taxes. Because long term care in a nursing home is a possibility for everyone, you will also want to have a plan in place to pay for it in a way that protects the farm property from being used. Other considerations include transferring the farm business itself and possibly dividing the farm between multiple heirs.

With the help of an estate attorney, farmers can make sure that their farms are preserved for the benefit of their heirs. It just takes a little bit more planning than some other estates. Do not wait too long to get started or you might find that it is too late.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

In order to make a proper estate plan, you need to tell your estate planning attorney about all of the assets that you have. If you own a farm or ranch, or just like to hunt, you probably have a few guns. Firearms are an important asset that you should tell your attorney about. This is especially true, if you are a collector.

Gun owners know that a myriad of federal and state laws govern who can acquire, possess, handle and sell firearms. Different laws are applicable to different types of firearms. The laws that apply to your collection do not change just because you pass away. It is important that your firearms are properly transferred or disposed of after you pass away. Telling your lawyer about your firearms and what you want to happen to them after you pass away can help avoid your heirs inadvertently breaking the law.

In most cases, your estate will not need to be set up any differently because you own firearms. However, it is a conversation that you should have with your attorney just in case there is an issue. Do not risk having your heirs violate the law due to improper planning. Your attorney can give you the answers you need about your firearms in a few minutes. Many of these issues can be resolved through the use of a Firearms Trust. Attorney John M. O’Drobinak, uses these for people who fall into the above category, or who are going to purchase restricted firearms that require approval from the ATF.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

Even if you are actively trying to avoid celebrity gossip, it can be difficult to avoid the latest happenings in the life of Britney Spears. This does not have to be a bad thing. You can actually learn a little bit about the importance of making advanced directives a part of your estate plan by learning about Britney Spears’ latest misadventures.

Currently, Spears’ father has Conservatorship over her. In Indiana, it would be called “Guardianship.” This means that Spears has been declared incompetent to handle her own affairs and that a Probate Court appointed someone else to handle them. On the purely gossip side this has meant that Spears has been able to avoid giving depositions in various lawsuits because she is incompetent to do so. It also means that she has had to postpone a planned wedding as you need to be competent to give your consent to marriage. Interestingly, however, she is negotiating to be a judge on a TV talent show.

Most of that is probably irrelevant to your life and anything that might ever happen to you. However, Spears is also trying to sell a home for $4 million less than she paid for it. Because she is under a Conservatorship, the Probate Court must grant permission for the sale. When you get older, you might not be able to handle your own affairs. If the Probate Court has to appoint a Guardian for you, that Guardian might need to ask permission to sell some of your assets even if it is necessary to do so. You can avoid this situation by planning ahead of time and getting a General Durable Power of Attorney, or a Living Trust that appoints someone to handle your affairs when you are unable to do so. An estate planning attorney can draw one up for you.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

You might have heard that you should avoid the need to Probate your estate after you pass away and that a Revocable Living Trust is the best instrument for that purpose. However,  it is not enough to just set up a Revocable Living Trust, you need to fund the Trust and make sure that other assets are properly set up to avoid Probate. This is true for the assets you currently have and any assets you later acquire.

After you create a Living Trust, the next step is to transfer any assets you currently have to your Revocable Living Trust. These assets can include your home, financial accounts and other significant property. If you do not know how to transfer your assets, speak to your estate planning attorney. Many attorneys can transfer the assets for you or provide you with specific directions to accomplish the transfer.

Next, you will need to make sure that any non-Probate assets have beneficiaries. These can include retirement accounts, life insurance policies and annuities. Just in case, you should name a primary and secondary beneficiary on all of these accounts. Finally, make sure that any new property or financial account you acquire after creating your Living Trust is acquired in the name of the your Living Trust. Those that aren’t may have to go through Probate.

Speak with your estate planning attorney about any other steps you need to take to avoid Probate, if that is your goal. Creating a Revocable Living Trust is only part of the process. Your attorney can help you with the other parts.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

If you have young children, you undoubtedly have a lot on your mind and not a lot of free time. That goes with the territory. However, one of the things that you should have on your mind and should make the time to do is to visit an attorney and come up with an estate plan. You should have a plan in place that ensures your children are taken care of in the case of an accident to you, or your untimely death. You also need to name Guardians in your Will in the event of your untimely death.

Even if you do not have many assets now, you should have a Will or Trust that provides for your children. Another option to speak with your attorney about is life insurance, especially if you do not have a large fortune to leave to your children. Life insurance makes sure that your children have some money. Your attorney can look at the amount of assets that you have and help you come up with an appropriate amount of life insurance to take out and the type of policies to look for.

You do many things for your young children and you think of them often. One of the most important things you can do for them is to think about plans to protect them in case you pass away. You do not have to do it on your own. An experienced estate planning attorney can help you ensure your children are taken care of.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

There are many different ways that you can ensure that your assets go to your children after you pass away. An estate planning attorney can look at your family’s unique situation and devise an appropriate plan. One powerful option that might be right for your family is a Family Limited Partnership.

Typically, in a Family Limited Partnership, a parent or parents act as General Partners and children, or other family members, are Limited Partners. Assets are held by the Family Limited Partnership and are often protected from Partners’ creditors. Other advantages can include gift and tax options and benefits. In a Family Limited Partnership, only the General Partners can manage or control the assets of the Partnership. This makes it a good vehicle for giving to your children without giving up control of the assets.

A Family Limited Partnership is not for every family. For example, your children might have to pay taxes on their portion of the Partnership assets, so you do need to ask if it is appropriate for your children and consider the tax consequences for them. Even if a Family Limited Partnership is not the best option for your family, it is not your only option. An estate attorney can help you come up with the option that works for you and your family.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

Leaving money to your favorite charity in your Will or Trust can be a great way ensure that the causes you support continue to receive funding after you pass away. You can leave money to educational institutions or social causes. While a Will or Trust are appropriate documents to leave money to a charity, an experienced attorney might be able to devise a better way.

Your attorney, for example, might suggest a Charitable Remainder Trust. You can put assets in the Trust during your lifetime and draw an income from those assets. Your attorney can even advise you how to put property into the Trust to avoid some capital gains taxes you would otherwise need to pay. Any assets left in the Trust when you pass away, automatically go to the charity that you have designated.

A Charitable Remainder Trust is not the only way to leave money to your favorite charity. In some cases, the best way might be leaving the money in your Will or Trust, or even a different method. An experienced attorney can go over your unique situation and devise options for you that allow you to make an informed decision about how you want to leave money to charity. If you have a charity to leave money to, speak with an attorney about your options.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

If you have been named as an Executor in a Will, your duty is to administer the estate and distribute the property as designated in the Will. Unfortunately, everyone is not always happy with the directives in a Will. People sometimes think that they should have inherited more than they did. If someone does challenge a Will that designates you as the Executor, you should hire an estate planning attorney to represent you.

While a Probate Court will ordinarily seek to carry out the wishes of the deceased as those wishes are designated in the Will, it is always possible that an unhappy party can find a way to mount a legal challenge. A non-attorney Executor can be at a disadvantage as the challenger is likely to have an attorney who knows the legal rules and how to use them for his client’s interests. An estate planning attorney can help an Executor in surmounting the challenge to the Will.

As the Executor, you may not need to pay for the attorney yourself. Ordinarily, the funds necessary to overcome a challenge to a Will can be taken out of the estate. This means that as the Executor you can hire an attorney to assist you in seeing that the wishes of the deceased as set forth in the Will are carried out and not derailed by those who wish to inherit more without any cost to you.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

When a loved one passes away, it is normal to grieve. Whether you have just lost the love of your life, a parent or a best friend, you will feel the loss in your life. If you have been appointed to administer an aspect of your loved one’s estate, such as being named the Executor in the Will, it is often difficult to fulfill your duties while you are grieving. An estate attorney can help you through the process.

Most Wills need to go through Probate. The Executor designated in the Will needs to follow specific procedures to Probate the Will and administer the estate. Often the Executor needs to carry out some functions within designated time-periods. An experienced estate attorney can act as an intermediary between you and the Probate Court. The attorney knows Probate procedure and can act to make sure that all legal obligations are fulfilled in a timely manner.

Using an estate attorney allows you to go through the normal grieving process with the comfort that comes from knowing that the legal duties are being adequately handled by a professional. Thus, you do not need to be overwhelmed by your grief and obligations if you hire an attorney to assist you.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.

If you are like most people, your pets are as much a part of your family as the other humans. Pets give us companionship and love during our lifetimes just like other family members. You can provide for your pets after you pass away in some of the same ways that you can provide for your children. If you have pets, you should speak to an estate planning attorney about the options for their care after you pass away.

In a Will or Trust, you can designate a person to take care of your pets. You do not have to leave it up to your other family members to decide who will care for your pets. For example, if you have hunting dog, you can leave your dog in the care of one of your hunting partners instead of your adult children who live in a large city and do not hunt. Your attorney might also be able to set up a Trust account for your pets to ensure that there is money for their food and medical care.

If you have treated your pets as equal members of your family during your lifetime, then speak to an attorney about treating them equally as heirs to your estate. You might not want to leave your pets as large a portion of your estate as your human family members, but that does not mean you have to leave your pets with nothing.

John M. O’Drobinak, P.C.+ is a member of the American Academy of Estate Planning Attorneys.

Our blog is for informational purposes only and is not intended to be advertising, solicitation or legal advice.