Sioux Falls Legal Blog

It's never too early to start estate planning

Most people don’t think about estate planning until middle age. A sad reality of our world is that tragedy can strike unexpectedly. People as young as an adult in their 20s and 30s has the agency to prepare for the unexpected. There are a few key components that comprise an estate.

Estate planning for the family farm

As a parent, thorough estate planning is important as you strive to meet the needs of your children in as fair a manner as possible once you are gone. Even though it may be difficult to think about your incapacity and end of life, engaging in difficult conversations with your children can help them prepare for the inevitable in more ways than one.

It can be helpful to involve your adult children in your estate planning process. Especially when matters surrounding a family farm are at stake, a lack of communication in your planning could become costly and complex for your children after you have passed.

Why gun owners should set up a trust

According to CBS News, North Dakota has the 9th highest gun ownership rate in the nation, with nearly half of the state’s residents keeping a firearm in their possession. As the nation becomes more conflicted about gun policies, it is important for owners to know how they can incorporate their weapons into their estate planning.

Thankfully, gun trusts exist for those who want to pass on their firearms to their heirs. These documents are essential for bypassing tedious processes to ensure that your prized silencers will fall into the right hands. It is crucial for gun owners in the Peace Garden State to understand the process of setting up a gun trust and why they should do so.

Choosing your durable power of attorney

There are many components to estate planning aside from trusts and wills. One important component to consider is who you should appoint as your durable power of attorney.

In South Dakota, a durable power of attorney, also called an “agent,” has your permission to review and act on your behalf for monetary or medical related decisions during your lifetime.

What you do after setting up a farm estate plan matters

As a farmer here in South Dakota, you care greatly about what will happen with your farm when you are gone, such as whether it will stay in the family. So, you have created an estate plan to address important issues regarding the future of your farm.

By doing this, you have already avoided one of the major estate planning missteps farmers can make: Not having a plan in place at all. However, there is still work to do. What you do after you set up a plan can have big impacts on the plan’s overall effectiveness at achieving your goals regarding your farm and your loved ones. We’ll now go over some of the things that can be very impactful after setting up a farm-related estate plan.

Trusts can protect doctors in malpractice lawsuits

Sioux Falls is home to many doctors, surgeons and hospital staff. A career in the medical field is rewarding, but it doesn’t come without risks. On a day to day basis, you have to make critical decisions that could easily backfire. In a worst-case scenario, you could face a malpractice lawsuit for making the wrong choice.

Your career is all about mitigating the health risks of your patients, but you also have the chance to avoid your own financial hazards. With careful estate planning, you can protect your property in a Domestic Asset Protection Trust (DAPT) from creditors and civil courts.

Saving the family cabin

The family cabin conjures up images of boating on sunny lake followed by smores around the campfire; the carefree atmosphere tampered only by sunburn and bug bites. Adults recall fond memories of childhood shenanigans and children remember the fun of catching their first fish.

A vacation home has a shared history and sentimental value; it's likely you want it to remain in your family for generations. Handling the transfer of ownership for vacation homes proves difficult, especially once ownership passes down more than one generation. A home once owned by a grandparent faces potential ownership by all the grandchildren and shares become more diluted with each succession.

Farming is a business that takes research and commitment

You are at a point in your life where you are ready to start something new. You've given your future a lot of thought. You have considered your passions. You know what makes you happy. At the top of your list is starting your own business. Not just any business, though. You want to start a farm. Humans have always relied on the art of farming. The agricultural industry is important and pertinent to our existence. The process of growing and raising nutrients that will nurture our bodies seems gratifying.

Farming is hard work. Owning a business is also hard work. In order to be successful, you will want to start off on the right foot.

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