Serving Southern Jefferson County in the Great State of Montana
Serving Southern Jefferson County in the Great State of Montana
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This is one of a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. An important goal for most Montana farm/ranch family enterprises is transferring land and business to the next generation. The process is challenging because it includes a complex web of economic, legal, and family decisions. “For some families, just the idea of getting s...
This is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Are you one of those who have had a traditional IRA for years and years, perhaps since the creation of IRAs in 1976? At the time, you may have designated your spouse and/or your children as the beneficiaries. This made sense because your spouse could roll the IRA into their IRA. And...
When a person dies, the answers to the following questions will help a financial entity decide who is entitled to the funds in the account: • Was the account jointly owned by the decedent with others, and if so, what are their names? • Did the joint account say right of survivorship or without right of survivorship on the form? • Did the joint account have a payable on death (POD) beneficiary designation or transfer on death (TOD) beneficiary registration? • If the decedent was the sole owner, did they make a payable on death (POD) benefic...
This is one of a series of articles focusing on estate and legacy planning. “The 2021 Montana Legislature passed the Transfer on Death Act for Vehicles and Vessels and clarified the definition of vehicles and vessels during the 2023 session” says Marsha Goetting, MSU Extension Family Economics Specialist. Montana law defines vehicles and vessels to include automobiles, vans, trucks, sport utility vehicles, motorcycles, recreational vehicles, trailers, pole trailers, snowmobiles, sailboats 12 feet or longer, and motorized boats including persona...
This is one in a series of articles on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. The Montana legislature has provided tools to allow Montanans to have their financial assets passed to the people they choose instead of letting the state decide. According to Montana State University Extension educators, an added benefit is that probate is avoided. Marsha Goetting, MSU...
While Montana has more than 22,000 people living with Alzheimer’s, there are no figures available about the number of agricultural producers who have the disease. “ I know they are out there because family caregivers have approached me wanting to know about financial and health care powers of attorney during my estate planning meetings across the state,” said Marsha Goetting, MSU Extension Family Economics Specialist. The MSU Extension developed this magazine because there is little information about Alzheimer’s disease and its impact on farm...
This article is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. When selecting an attorney to help you develop your estate plan, you want one who is well-informed about Montana will, trust laws, and other legal tools. You want the attorney to develop an estate plan tailored to your needs by considering your age, health, family,...
This is part of a monthly series of articles on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Do you have a traditional IRA? If you started an IRA when they were created back in 1974, you may have named your spouse and/or your children as the beneficiaries. This made sense because your spouse could roll over the IRA into their IRA. The adult children could draw the...
This is part of a monthly series of estate and legacy planning articles. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, goetting@montana.edu. Anniversaries are for celebrating special occasions. An anniversary could also be designated as a “Contingency Day,” a time for couples to re-examine their financial lives and their legacy plans for their survivors. Whom have you left your assets to after you are gone? Are those the peo...
This article is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu, E. Edwin Eck, Professor Emeritus, Allexander Blewett III School of Law, University of Montana. In this digital age, many people keep only electronic copies of their electronic communications, namely, email messages, text messages, instant messages, and other electronic commu...
This is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Montanans can open a Medical Care Savings Account (MSA) or make deposits into existing MSAs before Dec. 31 and reduce their state income taxes for 2023, according to Marsha Goetting, MSU Extension family economics specialist. MSA account holders may deposit up to $4,500 to use...
A new federal reporting requirement aimed at reducing corporate crime will affect some Montana farmers, ranchers, and businesses, according to Montana State University Extension. Beginning on January 1, 2024, certain corporations, limited liability companies, and other entities created or registered to do business in the U.S. will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, within the U.S. Treasury Department. The new reporting requirement stems from the Corporate...
This is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. “The FBI is warning about “phantom hacker” scams targeting seniors nationwide and stealing their life savings,” says Kaleena Miller, Madison-Jefferson County Extension Agent. From January to June 2023 there were 19,000 tech scams reported to the FBI with more than $542 million...
Montanans can open a Medical Care Savings Account or make deposits into existing MSAs before Dec. 31 to reduce their state income taxes for 2023, according to Marsha Goetting, MSU Extension family economics specialist. MSA account holders may deposit up to $4,500 to use for eligible medical and long-term health care expenses. The Montana Legislature has extended the Montana Medical Care Savings Account Act into 2024. A person with taxable income over $19,800 could save approximately $304 in state income taxes by opening an MSA and depositing...
This article is one in a series focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. “Couples living together should be aware that a court could later find their actions constitute a marriage,” says Marsha Goetting MSU Extension Family Economics Specialist. “They should be careful not to hold themselves out as married unless they are willing to accept the possi...
This is one of a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha A. Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. During her estate planning meetings across the state, Dr. Goetting is often asked, "How do I avoid paying death taxes?" Dodging the Montana death tax is easy, says Marsha Goetting, MSU Extension Family Economics Specialist Goetting. Montana has not had an inheritance tax since 2...
A testamentary trust is one that is set up according to the instructions contained in a last will and testament. The owner’s property, such as stocks, bonds, mutual funds, home, bank or credit union accounts, and certificates of deposits, must first pass-through probate or bypass probate by naming the testamentary trust as the beneficiary. A will is an instrument that sets up the testamentary trust, however, so the will must go through the probate process. According to Marsha Goetting, MSU Extension family economics specialist, the personal r...
The Achieving a Better Life Experience Act (ABLE) became federal law on December 19, 2014. The Montana legislature the passed an act by the same title. An ABLE is a savings account allowing a person with a disability to save money without risking a decrease in state and federal benefits. The law aims to ease financial strains faced by individuals with disabilities by making these tax-free saving accounts available to cover qualified disability expenses. The designated beneficiary of an ABLE account is the individual who owns the ABLE account....
This is a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. An important goal for Montana farm/ranch family enterprises is to transfer land and business to the next generation. “The process is challenging because it includes a complex web of economic, legal, and family decisions,” says Marsha Goetting, MSU Extension Family Economics Spe...
This is one of a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, goetting@montana.edu John and Mary, an unmarried couple, lived together for 15 years prior to John’s death. They never obtained a marriage license or had a wedding. John had two children from a previous marriage while Mary had no children. They did not have any children together. All property was in J...
While writing a will is not number one on everyone’s to-do list, there are valid reasons for doing so. “People often avoid thinking about wills because a writing one means a they have to deal with attitudes and feelings about death, property ownership, business arrangements, marriage and family relationships that they or other family members may not be ready to think about,” says Marsha Goetting, MSU Extension Family Economics Specialist. People who have experienced the death of a family member agree it is worth investing time and money to av...
Is your home inventory up to date for estate planning purposes? “I remember when I made my first list; it seemed to take forever” said Marsha Goetting MSU Extension Family Economics Specialist. “But just in case the rental house burned down, or a tornado struck (living in Kansas at the time) we would have a record of what we owned for insurance purposes.” “Looking back, because we were just starting out the list was short compared to now. Thank goodness making a household inventory for insurance and estate planning purposes today is much easier...
This is a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, MSU Extension Madison-Jefferson County Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. “Property owners have several decisions to make when it comes to estate planning, and one of those is whether to give property to their heirs before or after death,” says Marsha Goetting, MSU Extension Family Economics Specialist. In deciding whether to make a gift before dea...
Montana State University Extension has partnered with the Montana Alzheimer's Work Group, the Department of Public Health and Human Services, Alzheimer's Association-Montana Chapter and AARP Montana to offer Montana-specific information for caregivers and others concerned about memory loss. The Work Group has a revised website with vital information on Alzheimer's in Montana, including resources for health care professionals and caregivers; a list of support agencies; and online education videos. Visit mtalzplan.org for more information. "Many...
Montana State University Extension is reminding Montanans to open a Medical Care Savings Account or make deposits into their accounts before Dec. 31 to save money on Montana income taxes. An MSA is an account used to reduce the cost of saving for medical expenses and long-term health care. According to Marsha Goetting, MSU Extension family economics specialist, an MSA offers several benefits, including a reduction on state income taxes. For example, if a person has taxable income over $21,600, they could save approximately $304 in state income...
