Felicity man killed in Ohio River boating accident WUHS golfers take Portsmouth Invitational It was pretty cold that day Volleyball kicks off with SHAC Preview Night Young awarded Women’s Western Golf Foundation Scholarship One Mistake Senator Portman visits GE Test Facility in Peebles Adams County school districts facing some major challenges for the coming year Family, friends, and roots: the ties that bind residents of one Adams County village What is your strength? Just the chance to take a look back Ronnie L Wolford Dale J Marshall Herbert Purvis Great American Solar Eclipse coming Aug. 21 BREAKING NEWS: West Union wins fifth consecutive County Cup Wallace B Boden John L Fletcher Lady Indians golfers learning the links North Adams, West Union golfers open 2017 seasons This Labor Day, ‘Drive Sober or Get Pulled Over’ Blanton announces candicacy for Court of Appeals Local student attends Congress of Future Medical Leaders MHS welcomes new principal Made in America When it feels like you’re spinning plates Bonfires and “building” a farm Lady Devils looking to take that next step 50 years of Bengal memories Ag Society delivers donation to Dragonfly Foundation Young Memorial Scholarship awarded to a pair of local seniors ‘Musical passion is in his blood’ Naylor named NAHS Principal Boldman retiring after 17 years as Homeless Shelter director Manchester concludes another River Days celebration Drug Treatment vs. Prison James R Brown Bobby Lawler Jr Adams County man charged with killing estranged girlfriend Lexie N Hopkins Volleyball, soccer previews coming this weekend Michael A Cheek Discover Ohio’s Ancient Cultures during Archaeology Day at Serpent Mound Summer Reading Program ends as new school year approaches Lady Hounds preparing for 2017 volleyball campaign, looking for more improvement A servant’s hands Oh my, nothing better than a sweet tooth Rec Park hosts All-Star Sunday A Saturday night peek at a gridiron future McDowell, McCarty awarded Farm Bureau Scholarships Adams County Medical Foundation awards Dr. Bruce Ashley Legacy Scholarships Your kid on heroin Jerry W Olinger Douglas R Burchett Wayne Cowles Shirley Collins Jack L Yates Wayne Grooms Sr Adams County Building and Loan merging with Southern Hills Community Bank Ahead of Sales Tax Holiday, Attorney General DeWine offers tips for consumers Delores L Cook Harold L Smith Pell, Seas have high hopes for new SSCC campus ‘We prayed and believed it was going to happen’ 4-H Scholarships awarded during Fair Week Showmanship Sweepstakes concludes Junior Fair Competitions Junior Fair Crops are a Premium Show Southern Ohio’s only blackberry farmer wants to make berry pickin’ fun again Challenges ahead for new MLSD Superintendent SAY Soccer celebrating 50 years North Adams hosts Youth Football Mini-Camp Lady Dragons host Soccer Shootout 38 years later, Indians football returns It’s time Ten years and twenty goats later When nobody is watching When a blackberry wasn’t just a cell phone, but delicious Heroin user’s mom says addiction is a disease, not a choice Mary A Wallingford Rickey L Vincent Pauline Ertel William Bryant ACOVSD announces 2017-18 policy for free and reduced lunches What we are made of When summer really arrived Horse project 4-H members head to Ohio State Fair Defender hosts annual Cornhole Tournament George’s Brave Shave’ benefits other Year of planning, work pays off for 2017 fair Local teen opens new business Why can’t you stop? Camp first step in preparation for 2018 Greyhounds on the gridiron Young awarded SEDAB Scholarship Fair hosts Hall of Fame broadcaster Peebles goes back-to-back at the Barnyard The sport of goats Massive storms rumble through Ohio Valley James W Morgan Tiffany R Edwards Marshall W Groves

Estate planning workshop coming up

Do you have an Estate Plan? Is it a plan or just a Will? How current is it? What has changed in your life or business since you last updated the plan? The next few weeks I will run some stories about Estate Plans that I used a few years ago, written by an attorney. These are older articles, and some things have changed, but these are for educational purposes.

Mom died unexpectedly in car wreck at 70 years old. Lung cancer had taken Dad 2 years earlier. At Dad’s death, Mom inherited all of his estate through joint survivorship and Dad’s simple Will. They had farmed and operated a few farm-related businesses enabling them to build a successful farm operation. They had bought and inherited land totaling 500 acres ($1,000,000 Fair Market Value). The farm operation ran a 150 head beef cow herd, 25 acres of tobacco, hay, and corn. She had $150,000 worth of cattle and equipment; $20,000 in her checking account; $20,000 in her savings and CDs; $30,000 in an IRA; $70,000 in a mutual fund; $50,000 worth of other personal property; and $10,000 of life insurance. Her total estate is worth $1,350,000. Mom also had a simple Will. Her Will left everything to Dad and if he did not survive her, then everything to Son.

Son, 50 years old, had been in an unwritten partnership on the farm operation with his mother since his father’s death. Mom had been an active partner, having been a very successful business partner with her husband for many years. Mom and Son had discussed doing some estate planning to save on the potentially large tax bill. Mom had even read several articles and attended several farm estate planning seminars and meetings. She just had not found the time to see a farm estate planning attorney.

The federal estate taxes and Kentucky inheritance taxes will total over $300,000. Son will have to cash in assets or mortgage the farm to pay these bills.

Savings WITHOUT Proper Planning

GREAT NEWS! Even WITHOUT proper estate tax planning, possibly all taxes could be avoided. If Son goes to an attorney who understands the newest estate tax regulations relating to farms, he could eliminate the need to mortgage the farm.

Special Use Valuation (I.R.S. Section 2032A) and the Qualified Family-Owned Business Interest (I.R.S. Section 2057) are tremendous tax savings tools available to the farm estate attorney when little or no tax planning had been done by the deceased person. These tools have very specific requirements for the estate to qualify for their huge benefits, but many farm estates will qualify due to changes in the tax laws and court decisions. Do not give up just because mom or dad did not get around to seeing a farm estate tax lawyer.

Estate and business planning can be your best investment and greatest gift to your family, heirs, and beneficiaries.

Attorney Keith Jeffries practices Agricultural Law in the areas of Estate Planning & Administration and Business Planning & Administration. His firm, Keith Jeffries Law Office, PLLC, is located in New Castle, KY.

The information contained in this article is meant for educational purposes only and is not meant to be used by readers to solve individual problems. Neither this publication nor the author intend to provide any specific legal advice. Please consult with a licensed attorney or other professional advisor as to how these issues relate to your own specific situation.

I plan to offer an Estate Planning Workshop in the coming months. The program details will be in this article in the coming weeks. The program will cover issues like Wills, Trusts, and the basics to an Estate Plan, followed by information concerning business planning and transitioning the business to the next generation. We will then discuss how life insurance and other insurance may be a part of your plan. Both retirement and Financial Planning be covered later in the program.

The program is limited to 50 families. The cost for the program is $90 per family up to 2 people if you register early. I will have the dates, times and other information in the coming weeks.

Dates to remember:

July 7 Southern Ohio Ag and Community Development Foundation (SOACDF) informational meeting, Cherry Fork Community Center (Gym) 10:00 a.m.

July 9 SOACDF informational meeting, Southern Hills Career Center in Georgetown (Hamer Rd and US 68) at 6:30 p.m.

July 12-18 Adams Co. Fair

July 13 Pesticide Testing at the Old Y Restaurant at noon. Pre-register at http://pested.osu.edu or call 800 282-1955 and go to Pesticide Regulations.

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