Marvin Setty Richard G Waldron Grand Marshals selected for West Union Fourth of July Parade Adams County, Maysville Vet team up to save injured dog Michael S Knauff Victor P Price Success builds from the bottom up Finalists named for 2017 Fair Queen Contest William Glenn DeWine, Reader Call For Tips in Rhoden Murder Investigation MHS principal to take superintendent post Peebles Skate Park now a reality 2017-18 Fur and Feather Ambassadors named Caley Grooms is Cattlemen’s Beef Ambassador Dr. Mueller leaving Health Department’s free clinic Hourglass Quilt Barn returning to Adams County Lung, Thornburg are First Team All-District selections North Adams hosts annual Boys Basketball Camps Walk-off winner Wanda Hill George D Johnson Life can be a juggling act My favorite thing to do on the farm Wolves in Adams County! Ronald L Wedmore Three lessons from Dad Donald D Morgan Wenstrup uninjured in Virginia shooting Portman staff to hold grant funding workshop Raymond E Applegate Keeping the Peebles tradition alive Back on the hardwood, local hoops squads compete in Monday Night League Seven county athletes recognized as All-SHAC Baseball honorees Stepping to the podium Lady Hounds host Youth Volleyball Camp Senior Profile: Bryan Young Junior Deputy Boot Camps kick off in Manchester Hayes pleads “not guilty” to 109 counts Six-year-old girl finds long-lost class ring Jefferson Alumni awards annual scholarships Paul Tate Jr Marcus I Cox Jewell Gill James M Hill Jr Jeffrey S Jones Samuel A Disher Jack Sterling BREAKING NEWS: Parents face charges after son overdoses on opiate License Hikes and Tall Turkey Tales Danger under every rock Reigning Miss Ohio USA will judge 2017 Adams County Fair Queen Pageant Gordley’s hoops career will continue at Mount St. Joseph Russell C Newman Kenneth C Thurman George Uebel Summer Reading Program underway Honor Flight carries local veteran to DC When rescuers become victims Passing the torch, West Union hosts week-long basketball camp for future Dragons SENIOR PROFILE: Sara Knechtly Terry L Powell Willie Shreffler James C Fitzpatrick Senior Profile: Austin Parks Six countians named to All-SHAC Softball squad Lady Indians get summer camp season underway Memorial Day services pay tribute to local veterans WUHS Steel Band will perform at Bogart’s SSCC announces Honors Lists for spring semester Peebles Elementary releases Honor Roll for final nine weeks West Union Elementary announces Honor Roll for fourth nine weeks Back to State! Mom calls daughter “living proof” seat belts save lives Rent-2-Own donation means new soccer scoreboard at WUHS NAHS student selected for Engineering Summer Camp Southern Hills Athletic Conferences honors Spring Sports athletes Senior Profile: Kailyn Boyd Madison Welch receives Riffle Scholarship Junior Achievement Volunteers visit county’s seventh graders Marcella J Abbott James Ratliff Gladys Davitz Harry G Shupert Memories on Memorial Day A soldier’s story, a family’s grief Thank You for your sacrifice Seaman community honors local veterans with special tribute Former PES teacher dies in tragic accident All County Senior Citizens Day celebrated Parks signs with SSCC Soccer Senior Profile: Lexie Bunn Jessie Rodgers Memorial Day services set for county Truly our greatest generation Bertha Lashley Maia Swartz Jessie Rodgers Errors spell the end of Devils’ baseball season Senior Profile: Carry Hayslip Lady Hounds’ season ends with tourney loss to Paint Valley

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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