Estate Planning

Everyone has an estate. And while no one wants to consider their own mortality, most people probably prefer to have a say in what happens to their estate—business, car, home, real estate, bank accounts, investments, insurance—when they die. Estate planning is a hard, complicated topic that typically requires legal documents, business evaluation, and tax planning. Be sure to work with estate planning advisors who can bring the right people together to accomplish your goals.

K·Coe Isom’s Next Gen team has long-standing relationships with attorneys, bankers, business evaluators, and land appraisers so we can preserve wealth for future generations. Forward-thinking individuals and businesses count on us for sophisticated, tax-efficient estate plans that protect and preserve wealth for the long-term.

CASE STUDY: For a husband and wife worried about how to pass on their assets to all their children as fairly as possible—some involved with the farm and some not—we developed a customized estate plan that distributed a proportionate share to all heirs while also sustaining day-to-day farm operations. By keeping operating assets intact for the sibling working the farm, and allowing all family members to benefit from land rental, we ensured cash flow without harming the farming operation. Meeting the parent’s wishes by communicating what would happen in advance also eliminated any potential conflict among the siblings.

CASE STUDY: While providing tax services to a large, growing manufacturing firm, we encouraged the owner to create an estate plan in order to protect the business. The heirs would have had to pay 45% of the manufacturing company’s value within nine months if the owner passed. This would most likely mean selling or liquidating the business to generate cash flow, putting a thousand people out of work. K·Coe Isom put strategies in place to eliminate an unexpected cash flow burden and ensure the business continued to thrive.

CASE STUDY: Working with a producer who was ill and needed to sell his portion of the farm operation quickly, we negotiated a lucrative buyout plan, secured financing, created an estate plan, and worked through numerous legalities. The successful transaction increased net worth passed to heirs by $800,000 and met an urgent six-week timeframe, allowing the farmer to rest easily knowing that his family was taken care of.

Contact Doug Mitchell at 970.685.3500 and plan for the unexpected; make sure your final wishes are honored.

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