EDNA – The Texas A&M AgriLife Extension Service has scheduled an estate planning workshop for Coastal Bend farmers and ranchers from 6-8 p.m. Oct. 27 at the Jackson County Services Building Auditorium, 411 N. Wells St. in Edna.
The workshop is free and open to the public.
Dr. Wayne Hayenga, professor emeritus and AgriLife Extension economist in College Station, will be the featured speaker, according to organizers.
“Dr. Hayenga is an attorney who has spent his AgriLife Extension career with farmers, ranchers and family owned firms in financial, business and estate tax planning,” said Mike Hiller, AgriLife Extension agent in Jackson County. “He’s an excellent communicator who gets his points across in an easily understood style.”
Hayenga will address wills and trusts, Hiller said.
“A trust is one of the most powerful estate planning tools,” he said. “It can work for you during your lifetime and at your death. Your estate can avoid probate and keep the administration of it private. A trust can allow for benefits to your surviving spouse, and then to your children. It often can protect heirs from squandering their inheritance.”
But, most often, a trust is used as a tool to save income and estate taxes for families, asHayenga will explain, Hiller said.
Hayenga will also address several other estate planning issues, including:
— The will. What is needed? Selection of executor(s). Paying debts and taxes.
— Do I need a trust?
— Power of attorney: Health care power of attorney, a living will.
— Passing on an active farm or ranch: tips for keeping the business going.
— Management of various taxes: Estate, gift, generation-skipping, income and Social Security tax.
— How not to let my kid’s “ex” mess with me.
Because of limited seating, those planning to attend should RSVP no later than Oct. 24. To do so, or for more information, contact the AgriLife Extension office for Jackson County at 361-782-3312.