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Broadwater County

Challenging Decisions in Estate Planning

Published: 2019
By Allison Kosto
Without a doubt, one of the biggest decision-making challenges for most individuals or business owners is to decide how to transfer property or assets at the end of life. The task can seem overwhelming and some people are reluctant to start the process. In January, two workshops were held on estate planning. Both were taught by Marsha Goetting, MSU Extension Family Economics Specialist and nationally-renowned speaker on the topic of estate planning. The first session, Families and Legacies: Challenging Decisions, helped individuals and families become more aware of options to transfer property upon the owner’s death. Of 41 individuals who attend the workshops, 45% did not have a written estate plan. These individuals received information on how to begin the estate planning process, including information on trusts, wills, property ownership transfer and equal vs. equitable division of property. The second workshop was Succession Planning for the Next Generation of Farms and Ranchers. Nearly 65% of the participants in this session did not have a written estate plan. Goetting explored what happens when a farmer or rancher dies without a plan, equal vs. equitable division of property, ways to avoid probate, and ideas for conversation starters. Over 40 people attended this session as well and are better prepared to begin the difficult process of transferring the business, land and assets to the next generation.
Multi-generation operations are common in Montana and require challenging decisions to transfer the operation.