Estate Planning
The difference between estate planning and retirement planning is subtle, but important. Retirement planning involves planning a person’s financial future once they are no longer employed full time. Estate planning involves determining what will happen to a person’s property and financial resources in the event of death or incapacitation.
Estate planning can include one or more of the following tasks:
- Creating and maintaining a will
- Creating a trust fund
- Assigning a guardian for living dependents
- Naming an estate executive
- Updating beneficiaries on plans (life insurance, IRAs, 401Ks, etc.)
- Funeral arrangement
- Setting up a durable power of attorney
Sustaining the Legacy:
Management and Wealth Transfer Planning for Ranchers
SDSU Extension created Sustaining the Legacy: Management and Wealth Transfer Planning for Ranchers to assist producers in South Dakota as they plan their estate.
South Dakota Legal Resources
- Legal Services for Older Individuals
- Elder Law Forum
- Senior Legal Helpline: 1.800.747.1895
lIowa State University Extension Estate Resources
Montana State University Extension Resources
Montana State University Extension has created a wealth of Estate Planning Publications. The following may be useful to the residents of South Dakota:
- Federal Estate Tax
- A Glossary of Estate Planning Terms
- Power of Attorney
- Property Ownership: Estate Planning
- Revocable Living Trust
- Who Gets Grandma’s Yellow Pie Plate: Transferring Non-Titled Property
- Wills
Source: Leacey Brown, South Dakota State University