Estate Planning: It's Never Been Easier to Begin

BOZEMAN -- From trusts to taxes and living wills to life insurance, estate planning is as complex as ever.

But that's definitely not an excuse to ignore this essential part of your financial plan, says a family economics specialist for Montana State University Extension.

"Estate planning is often avoided because it deals with attitudes and feelings about death, property ownership, business arrangements and family relationships that people may not be ready to contemplate," says MSU Extension specialist Marsha Goetting. "Other people think estate planning is only for the old and rich."

But, she says, nothing could be further from the truth.

Estate planning is merely one aspect of financial planning -- a way to assure that the results of your hard-earned efforts are distributed according to your wishes. In addition, Goetting says, estate planning can reduce income taxes during your lifetime, help a loved one get established in business, provide for your own secure retirement, and specify care for your children or aging parents.

To give Montanans an overview of estate planning and its intricacies and starting points, Goetting has developed Estate Planning: The Basics, an educational packet. The kit includes 15 MontGuide fact sheets on estate planning topics; an interactive worksheet for each subject; a glossary of estate planning terms; contact information for additional resources; and an opportunity to ask questions of the author. The kit is designed so that Montanans can learn about estate planning at home and at their own pace.

The kit answers many questions Montanans may have about estate planning, such as:

• When I inherit my family's ranch, what if I have to pay so many taxes that I have to sell or divide up the land?
• My parents are getting older, but they refuse to talk about estate planning. What should I do?
• Can I write my own will? Or do I need a lawyer?
• If I transfer my property into a living trust, will my assets be protected from nursing home care costs?
• What kind of life insurance should I buy?

It also includes many more relevant questions and topics on state and federal laws.

To purchase the kit, which is $10, see your local county MSU Extension office or for credit card orders you can call (406) 994-3273. Ask for "Estate Planning: The Basics," publication EB 144. You can also contact Extension Publications via email.

Send questions or comments to Carol Flaherty, MSU Communications Services, Bozeman, MT 59717 or email to carolf@montana.edu.

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