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Texas Agriculture Archive

March 1, 2002

Estate planning:
Four seminars set for March/April

A properly drawn estate plan may save some farm and ranch families up to $200,000 in estate taxes, income taxes and administrative fees, according to a Texas A&M economist.

This applies to married couples who want to care for each other, who have property worth $2 million or more, and who want to pass it on to their children and grandchildren.

"It's an eye-opener for a lot of folks; in fact, many people only worry about estate planning if they hear of a friend's `problem' in settling an estate or paying estate taxes," said Dr. Wayne A. Hayenga, Texas Cooperative Extension economist and attorney. "The estate tax savings may not be as large for families with smaller operations. Even so, for many families the income tax savings of a properly prepared estate plan can be greater than the estate tax savings."

Texas Cooperative Extension will present four, two-day seminars at the following locations this year:

•March 25-26; Amarillo (Ambassador Hotel)

•April 1-2; McKinney (Collin County Youth Park)

•April 8-9; San Antonio (CPA Training Center)

•April 22-23; College Station (College Station Conference Center)

The seminars are structured to help people learn how to lower their tax burden and ease administrative burdens that affect passing their estates to their loved ones. In addition to estate planning systems, Hayenga will address the tax savings possibilities of corporations, partnerships and trusts when family members are involved in the business.

Hayenga works extensively with farmers, ranchers and family-owned firms in financial, business and estate tax planning.

Seminar registration costs $100 per person. For more registration or seminar information, contact Sharon Wehring at (979) 845-2226; or email s-wehring@tamu.edu.