There are several miscellaneous issues dealing with large estates and business planning that we have not yet covered in this fact sheet series. It is likely that these issues do not impact very many people, so we have not raised them until this last fact sheet. Discussed here are conservation easements, generation-skipping trusts, and limited liability companies. Although the issues surrounding business planning and entity selection are vast, we want to outline the basics of limited liability companies as they are becoming quite popular for business planning.
We, the authors of this fact sheet series, hope you will settle down in an easy chair, take one fact sheet at a time, read it, fill out the response sheet, then compare it with our answers at the end of the fact sheet. Please feel free to contact us if you have questions, concerns, or differ with our response.
In previous fact sheets we discussed savings possible from some very simple estate planning tactics. We are now ready to discuss some of the finer details of estate planning. Property can be transferred to others in four ways: exchanged (traded), sold, inherited, or gifted. Each has certain advantages and disadvantages, and different tax consequences. One method might be appropriate in one situation, and another might be more appropriate in other circumstances.
Remember from the previous fact sheet that joint tenancy with right of survivorship (JTRS) property goes to the survivor, even if indicated otherwise in the will. However, upon death, most property is transferred as indicated by a will. The will is the most used method to direct property upon one's death.
A will is the basis of an estate plan, and often the most important estate planning tool. Every person 18 or older should have a will so that he or she can decide who gets his or her property, rather than the state deciding.
The tool discussed in this fact sheet is a letter of instruction. There is no legal requirement for a letter of instruction, and it is not legally binding. It can contain whatever you wish, and it can be typed or handwritten. An attorney does not need to be involved with its preparation, but you might want to make your attorney aware of its presence and contents.
Life insurance is a contract, similar to property ownership with rights of survivorship. Upon the death of the insured, a beneficiary receives a cash payment. Life insurance can be very useful in estate settlement. Life insurance is a contract between as many as four entities:
It is difficult to predict the specific long-term social, economic, environmental, and policy impacts of natural gas drilling and development associated with the various shale deposits found in Ohio. This is certainly true of Utica and Marcel us shale, both of which are referred to in this fact sheet as "Ohio shale."
Dystocia has been defined as a difficult birth resulting in prolonged calving or severe assisted extraction of the calf at birth.1,2 When referring to problems at calving, it is important to note the difference between dystocia and assisted birth.
A limiting factor to profitability in a pasture-based, small ruminant production system is internal parasite infection. In Ohio, the internal parasite of greatest concern is Haemonchus contortus, commonly known as the barber pole worm. Lactating ewes and lambs less than 8 months of age are particularly susceptible to heavy parasite infections. Reliance solely upon chemical dewormers (anthelmintics) is not a good control option. Frequent use of chemical dewormers leads to the development of chemical resistance by the parasite.
The increasing use of conservation tillage, no-till, and cover crops is changing the way we view the soil and the environment. New concepts and terminology are being used to describe these changes. Understanding the terms defined in this fact sheet will help farmers understand relationships between tillage, crop rotation, cover crops, carbon sequestration, organic matter pool, agricultural sustainability, and soil and water quality.
