Description should include
- terminology related to estate planning, such as
- medical power of attorney
- will
- trust
- insurance
- inheritance
- reasons to have an estate plan
- the feasibility of the estate plan
- terminology related to transition/succession planning, such as
- transition of decision-making
- transition of assets
- business operating agreement
- heirs’ property
- reasons to have a transition/succession plan
- the feasibility of the transition/succession plan
- the role of taxes.
Process/Skill Questions:
- Why would a farm owner construct an estate plan to pass farm assets to their children?
- What are the consequences of not having an estate plan?
- What are the benefits of having an estate plan?
- How do taxes affect estates?
- What are the differences between a transition/succession plan and an estate plan?
- How does one determine whether a transition/succession plan is needed?
- When should the transition of decision-making begin?