Estate Planning – To have a trust or a will….Aye, that is the question

If you think legacy planning is a boring topic then you haven’t attended a presentation by Dr. Marsha Goetting, MSU Extension Family Economics Specialist. She has a reputation for her ability to make legacy and estate planning interesting. She also keeps participants actively involved by giving them the opportunity to answer questions with response clickers. Dr. Goetting continues to enhance her presentation by combining her appreciation of Montana wildflowers with her knowledge about legacy planning. She is going to offer Gallatin County residents a series of three programs on November 14, 21, and 28 at the Bozeman Public Library in the Cottonwood Room from 6:30 – 8:00.

November 21: To quote Shakespeare: To have a trust or a will….Aye, that is the question.
Although revocable living trusts have existed for years, they have recently gained more visibility. You may have read newspaper advertisements for free seminars on the benefits of a revocable living trust, or you may have seen television commercials suggesting that everyone should have one. A revocable living trust can be an excellent tool for certain situations. But it is not a suitable choice for everyone. Dr. Goetting will explore the advantages and disadvantages of revocable living trusts, testamentary trusts, and wills. She will also investigate alternative legal arrangements that are less expensive and may carry out your goals more effectively, such as a durable power of attorney

November 28: Tools for avoiding probate on your assets and save money for your beneficiaries.
Yes, it’s true. You can avoid probate with payable on death designations (PODs), transfer on death registrations (TODs), a transfer on death deeds for real property (TODDs) (a new law passed by the 2019 legislature) and beneficiary designations on your vehicle. She will explore the income tax impact when selling, gifting, or leaving assets as an inheritance. She will also reveal how gifts eligible for the Montana Endowment Tax Credit can be a living legacy while saving donors money in income taxes they pay to Montana.

Dr. Marsha Goetting is a Professor and Extension Family Economics Specialist at Montana State University in Bozeman. During the COVID years 2020 through 2022 her virtual seminars reached over 13,450 Montanans. She received the 2022 Western Region Distinguished Team Award, from Epsilon Phi. Dr. Goetting is a member of the Montana Alzheimer’s and related dementia’s Workgroup. She received her PhD from Iowa State University and her master’s and bachelor’s degrees from Kansas State University.