From Legacy Moment eNews (July 09, 2010)
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Jane, a single mother and agribusiness owner, owns 50% of Garden Products Co., a general partnership. Her son Sam owns the other 50% and is active in the business. Jane’s daughter, Eleanor, is a stay-at-home mom with three children of her own.

Jane would like to transfer her 50% interest in the business to Sam and provide some form of equitable assets to Eleanor at her death.

Jane's current assets are:

From her estate, Jane may leave her entire $650,000 interest in the business to Sam and still have enough other assets to leave an equal distribution to Eleanor. In fact, after transferring the $650,000 in business assets to Sam, her estate still has $1,000,000 in other property. Jane may equalize the distributions by leaving $650,000 to Eleanor and then dividing the remaining $350,000 between the two children.

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Leading the Change – Legacy Project Workshops
The next series of Legacy Project workshops are scheduled for Lincoln, Neb., on July 20; Des Moines, Iowa, on July 21; and Champaign, Ill., on July 23. Sign up online or call the Farm Journal Events Hotline for more information: (800) 909-3681.