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August estate planning seminar tailored for ranchers
Texas Ranchers can learn how recent changes in tax laws may affect their estate plans by attending a seminar scheduled for Aug. 8 and 9 at the College Station Conference Center, 1300 George Bush Drive. This event will be held in conjunction with the Texas A&M University Annual Beef Cattle Short Course, slated for Aug. 6 to 8. "Our goal is to help families make wise estate planning decisions by providing information on tax- and estate-planning matters," said Dr. Wayne Hayenga, Texas Cooperative Extension economist and attorney. "This information should be useful for married couples, potential estate executors and those who want to make estate settlement less burdensome for their loved ones." The seminar will run from 1 to 5 p.m., on Aug. 8, and from 9 a.m. to 4 p.m. on Aug. 9, with lunch served at noon. The first day's agenda will cover basic estate devices such as wills, living trusts, estate tax deferral and gifts. "A married couple can elect to not pay any estate tax on the death of the first spouse," Hayenga said. "But do you want to do this? What do you have to give up if you choose this option? Can you change your mind later? These are some common tax deferral concerns. "Gifts are an alternative to leaving property in your estate. Can you afford to give property away while alive? What is the best kind of property to give away? What should you keep? We will address these and other questions the first day." The second day's agenda will focus on estate taxes, how to keep the ranch running well, corporations and partnerships, special use land valuation, and life insurance in estate planning. "We will also discuss the rules for deferring estate tax payments," Hayenga said. "You can structure your estate to allow the heirs to pay some estate taxes over a 15-year period, at 4 percent interest. "There are new tax rules that affect estate plans. What should you include in the taxable estate? What deductions and expenses are available to reduce the taxable estate? We will also spend some time calculating your potential estate tax bill." Registration costs $125 per person. The fee covers all materials, refreshments and lunch on Aug. 9. Enrollment is limited. For more information or to register, contact Sharon Wehring at 979-845-2226 or by e-mail at s-wehring@tamu.edu.
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