The Texas Cooperative Extension will conduct a seminar on estate planning Aug. 8-9 at the College Station Conference Center.
“A properly drawn estate plan may save some farm and ranch families up to $400,000 in estate taxes, income taxes, and administrative fees,” said Wayne A. Hayenga, Texas Extension economist and attorney, based on a hypothetical case of a married couple who “like each other” and want to care for each other, who have property worth $2 million or more, and who want to pass it on to their children and grandchildren.
This is an eye-opening fact for many people. In fact, many people only worry about estate planning if they hear of a friend’s problem in settling an estate or paying estate taxes.
“For many families the estate tax savings are not as large - if they have smaller operations,” Hayenga said. “In fact, for many families, the income tax savings of a properly prepared estate plan can be greater than the estate tax savings.”
Hayenga will conduct the seminar, which has a registration fee of $125. Call (979) 845-2226 for additional registration information or e-mail firstname.lastname@example.org.
The program is structured to help people learn how to lower their tax burden and ease administrative burdens that affect passing their estates to loved ones. In addition to discussing estate-planning systems, tax-savings possibilities will be discussed from corporations, partnerships and trusts when family members are involved in the business.
Making gifts to avoid estate taxes will be discussed also.
“There are two problems with making excessive gifts - the first is dying poor. The second is the adverse income tax consequences the gift can cause the recipient,” Hayenga said. “A properly planned estate can save many dollars in income taxes for the heirs.”
Two problems that affect family operations are planning for inflation and growth of the business. Another topic on how to be fair among all children when one child is interested in the family business and others are not also will be addressed.
For further information, contact the Ellis County Extension Office, 701 S. Interstate 35E, Suite 3, Waxahachie, call (972) 825-5175 or e-mail email@example.com.