You don’t need to own a mansion to take advantage of estate planning.
"Estate planning is not just for the wealthy," said Angie Hart, estate planning specialist for the Virginia Farm Bureau. "Everyone needs to have a plan."
To help people prepare for the future, Farm Bureau, in conjunction with Virginia Cooperative Extension, will hold a free workshop from 1:00 to 4:30 p.m. on July 29 at Farm Bureau’s office at 12580 West Creek Parkway in Goochland County.
Anyone who has a family, a business, a farm or other assets can attend. Hart will offer an estate planning overview, including some personal anecdotes. Peter Callan, a Virginia Cooperative Extension agent, will discuss the financial and emotional aspects of farm transition planning. Two local attorneys will talk about estate planning tools such as wills, trusts, family partnerships and limited liability corporations.
"Estate planning is important, because we need to best minimize our taxes, distribute our assets properly and set up protections for our families," Hart said. "People want to know ‘As Joe Citizen; what are my options for taxes and capital gains?’
"And our farmers need to think about how they protect their farms so they don’t end up having to sell them. This is key to their survival."