The first to be passed by the House of Representatives on Thursday, May 23rd, was the Secure Act, and there’s similar bill in the Senate called the “RESA” (Retirement Enhancement and Savings Act). Both bills would significantly change the retirement system in America, and both seek to pay for the expenses with revenue generated from pre-tax accounts changing hands from their Baby Boomer owners to their Gen X and Millennial non-spouse beneficiaries.
The farm has been in your family for generations and it’s time to prepare for the next generation to take over; farm succession planning. Some of the kids may not be interested, and others may think the farm is their God-given right. But unless everyone knows where the farm is now, where it’s going and how it’s going to get there, nobody will be happy in the end.
Is legacy financial planning or estate planning really that important?
Do you remember in the 1990’s when the famed Hotel Heiress Leona Hemsley left her fortune to her DOG? I do!
The importance of having a will and naming a trusted Executor is vital. This is a way of letting your family know you love them. The last thing you want is your loved ones trying to figure out what your wishes are on the worst day of their lives.