Develop an estate planning team

 Resize text         Printer-friendly version of this article Printer-friendly version of this article
An estate plan requires careful thought and preparation. In fact, it may take an average of 12 to 14 months to develop one, says David Kohl, professor of agricultural and applied economics at Virginia Tech.

With that in mind, it might be a good idea to develop a transition team to help you formulate your estate plan. Include an accountant, a lawyer, a financial planner, a lender and a facilitator on the team. Since the process may take a year or longer, consider putting the whole group on a retainer instead of hiring them on an hourly basis, Kohl suggests.

And, encourage your facilitator to ask tough questions as the group works its way through the process. Doing so will help you develop a more thoroughly thought out plan.


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


T5 Electro Command™

New Holland has further extended the T5 Series appeal to livestock producers with the addition of the Electro Command™ semi-powershift transmission. Two ... Read More

View all Products in this segment

View All Buyers Guides

)
Feedback Form
Leads to Insight