Estate planning is so vitally important to all of us. Without planning, our children may not see the benefits of our hard work because they may lose it to estate taxes. Estate taxes currently run as high as 55%, so they could easily be the largest single expense that any family may face in a lifetime. Complicating the issue for farmland owners is the fact that most of the family wealth may be locked up in the land. Thus, the land may need to be sold in order to pay the taxes due, which could greatly hinder a farming operation.

Do you remember the definition of estate planning adopted by the National Network of Estate Planning Attorneys? That definition is: "I want to control my property while I am alive and well, care for myself and my loved ones if I become disabled, and be able to give what I have to whom I want, the way I want, and when I want, and, if I can, I want to save every last tax dollar, attorney fee, and court cost possible."

This definition covers all aspects. It covers the present situation while "I" am alive. It covers the time when "I" may be disabled or unable to make sound decisions. It then states the objective of passing "my" estate to whom "I" want, . . . and save taxes and costs in the process. This definition then brings about the first basic questions that your estate plan must be based upon. That is, Who should inherit my estate? How can I provide for my spouse? Should my children share equally in my inheritance? What about a child with special needs? Should I pass it on to grandchildren? Should I give some to charity?

If you can answer these questions you will have established a solid foundation for your estate plan. From there you can concentrate on how to proceed with your plan and what tools are most appropriate for you.