What if you own a farm or business?
Because of potentially devastating taxes and government mandates regarding the transfer of your assets, which could include your farm or business, it's important to properly plan for the transfer.
Estate taxes, administrative costs, probate and other expenses can significantly reduce the amount of your estate passing to your heirs.
Additionally, if you do not properly plan for the transfer of your farm or business, state law can mandate who receives your assets, including your farm or business, at your death. This could result in a distribution of assets that may not be according to your wishes.
In order to help prevent distribution against your wishes, you should take steps now. Talk to your financial representative. Together, you can determine if the Thrivent Financial for Lutherans estate protection services can benefit you. The services are designed to help you assess your holdings and identify options for them for the future.
How do the estate protection services work?
Your financial representative with Thrivent Financial for Lutherans will help you review everything you own. This will include all your farm or business assets, including buildings, equipment, land, etc., as well as your personal assets such as your home, bank accounts and insurance. You'll also record your liabilities-debts, loans, etc.
You'll discuss your wishes in terms of how, when and to whom you'd like to distribute your farm or business possessions as well as your personal assets. This data will be used to prepare your Thrivent Financial for Lutherans estate protection services output. The analysis takes an objective look at your current situation and estimates the financial impact of federal estate and income taxes, as well as related expenses, at death.
The estate planning process requires the knowledge of a team of professionals that includes attorneys, tax accountants and your financial representative. Neither Thrivent Financial for Lutherans nor its respective financial representatives and employees provide legal or tax advice. For complete details, consult with your attorney or tax advisor.
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