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Webinar series to cover estate and legacy planning

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Two separate programs will instruct on farm succession issues.

Montana State University Extension will host a pair of webinar series on estate and legacy planning -- one in partnership with the MSU Alumni Foundation and the other in coordination with AARP.

AARP Montana is cosponsoring a four-part series called Wisdom Wednesdays, which will begin April 14 and take place monthly from 10 to 11 a.m. online.

According to Marsha Goetting, MSU Extension family economics specialist, this series was created due to the level of interest in the Tuesday Tips series, which ran January through February. Nearly 250 people signed up to attend those webinars.

In the first session, viewers will learn when a written will does and does not work in estate planning. Participants will become aware of the basic will provisions and meaning of specific phrases such as “right of representation.”

How beneficiary designations allow Montanans to pass property without probate, while saving more money for heirs, will be the topic of the second session on May 12. Montana law allows payable-on-death designations, transfer-on-death registrations and transfer-on-death deeds, and, according to Steve Reiter, senior operations specialist for AARP Montana, viewers will understand how these designations override provisions written in wills.

In the third session on June 9, Goetting will answers common estate planning questions. Topics will include whether individuals should give their property away while living or bequeath it after death, as well as the potential tax consequences of heirs selling gifted property compared to property they receive as a bequest.

Goetting will examine some of the advantages and disadvantages of living, testamentary and Clayton Election QTIP trusts as estate planning tools in the final session on July 14. She will touch on family circumstances in which a trust could be beneficial.

For more information and to register for the webinars, click here.

Thoughtful Thursdays

Extension's partnership with the MSU Alumni Foundation will produce a five-part webinar series on estate and legacy planning. Thoughtful Thursdays will run from 10 to 11 a.m. beginning April 15 through May 15.

In the first session, viewers will learn how to pass property without probate while saving more money for their heirs. The Montana Legislature has provided payable-on-death designations, transfer-on-death registrations and transfer-on-death deeds, and according to Emily Standley, MSU Extension Fergus/Petroleum County agent, viewers will understand how these designations override provisions written in wills.

The second session will discuss how traditional and Roth IRAs can be useful estate planning tools. Participants will discover how qualified charitable distributions from a traditional IRA can support your favorite charity or nonprofit while reducing your tax liability at the state and federal levels, said Kevin Brown, associate vice president of development for estate, trust and gift planning for the MSU Alumni Foundation.

The series’ third session will touch on the Montana Endowment Tax Credit, which MSU Extension family economics specialist Marsha Goetting calls a major benefit for Montana taxpayers and Montana charities.

“This credit could provide a credit up to $10,000 annually on your Montana income tax,” she added. “This is a win-win for Montana taxpayers and Montana charities and nonprofits. Montana is one of just a few states to offer such a credit.”

The fourth session will cover how charitable gift annuities are different from commercial annuities and how they can provide income, support a person’s favorite charities or nonprofits and reduce state and federal income taxes.

The final session will explore how a charitable remainder trust could be a valuable tool in any estate plan.

Registration is required for the webinars. For more information and to register, click here.

Source: Montana State University Extension, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 

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