4 Objectives Every South Dakota Agricultural Producer Should Know About Estate Planning

A good estate plan is especially crucial if you’re a farmer or rancher. As a agricultural producer, not only do you need to consider protecting your estate, but you also need to ensure your operation is protected, both before and after your death.

Here are four objectives every agricultural producer needs to know about estate planning:

Objective #1 - Tax Planning

Tax planning helps to minimize estate or inheritance taxes paid out at the time of your death.

Objective #2 - Asset Protection

Asset protection is important to protect everything that you have worked so hard to obtain. 

Objective #3 - Proper Distribution of Assets

Proper asset distribution ensures that your assets are distributed according to your wishes at the time of your death.

Objective #4 - Understanding Your Estate Plan

An estate plan sets forth the wishes that you create based on what you want to happen after you die or become incapacitated. The basic components include:

  • Choosing and naming beneficiaries
  • Appointing individuals to control assets
  • Naming guardians for minor children
Brooke Swier Schloss
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Family Law and Estate Planning attorney helping families across South Dakota plan and protect their loved ones