Adults preparing for retirement often take certain specific steps to better ensure their safety and comfort. They make changes to their homes so that they can live in their own houses comfortably later in life. They rework their budgets to better manage their costs on a fixed income. They put together estate plans for their protection and the protection of their loved ones when they die. In addition to creating or updating a will to distribute their property among their beneficiaries, elder adults preparing for retirement may also want to explore the need for long-term care as they age. People ..read more

Life has a way of being unpredictable. People may develop health issues after decades of enjoying a healthy lifestyle. It only takes a moment for someone to end up severely injured in a car crash or work incident. As such, adults need to plan for the possibility of some major setback or leave themselves at risk. Estate planning is a way to address not just premature death but also personal vulnerability after changes in health. If someone experiences a truly debilitating incident or if their mental acuity declines as they age, they could be at risk of involuntary guardianship or conservatorshi ..read more

Standard marriage vows tend to include a line outlining someone’s commitment to remain married regardless of their health and financial circumstances. However, sometimes people experience such extreme changes in lifestyle or health that divorce may begin to seem like the only viable solution. For example, one spouse might get diagnosed with dementia or a condition like Alzheimer’s disease. That diagnosis puts the healthier spouse in a very difficult position. They may question whether they should remain married and if divorce is a possibility in their situation. Some people think they cannot l ..read more

Many families hand down ranch operations and land from generation to generation, with each new owner trying to expand or improve the property. Yet, generations of heritage could be at risk in a matter of days if someone ends up getting divorced. Therefore, many Montana ranch owners specifically create trusts to hold their ranch property or farming operations so that they don’t have to worry about dividing those valuables assets, possibly handed down from family members, in the event of a divorce. As a result, both those who currently own a ranch and those creating an estate plan to pass a ranc ..read more

An easement allows at least one non-owner to use a piece of property. Generally, an easement will not actually give the second individual any ownership rights. They simply have the right to use that property, but it is not an asset that they own and they can’t change it in any way. For example, one piece of property may be cut off from the road by another. The property owner who is closer to the road may agree to an easement that allows the second owner to have a driveway running through their property. The two neighbors may also use a shared driveway. This gives both people access to the land ..read more

When you own land, like a farm or a ranch, you also own what lies beneath the land – its mineral rights. In fact, you may even have sold off the land at some point but retained the severed mineral rights and the royalties that go along with them. How you convey your mineral rights to the next generation, however, can be a bit of a mystery. Here’s what you need to know: First, you need to define exactly what you want to transfer If you still own the land and the mineral rights together and want to pass everything intact, it’s a relatively simple process. Once the deed is transferred to your hei ..read more

If you have a life insurance policy, the value of that policy may be higher than any other asset you own. Even if it is not, it is still going to be a very significant financial asset. You got the policy because you wanted to provide stability for your family, and you still want to do that even after you pass away. But you know that estate planning is much more than just having life insurance. As you put together the rest of your plan, how does it need to address that policy? You don’t need to put it in the will The first thing to note is that you don’t have to put your life insurance policy i ..read more

Every Montana estate plan is unique because it will reflect the family relationships and personal values of the testator drafting the documents. Still, most estate plans need to achieve two different objectives. They need to address what happens when someone dies and also create appropriate protections for a scenario involving incapacitation due to medical issues. Advance health directives are among the most important estate planning documents that you may create as a Montana resident. Such documents may seem unnecessary if you have always been clear about your preferences or you currently enj ..read more

If you have carved out a ranch in Montana, you are likely quite proud of your operation. You may dream of passing the family ranch down to your children. Whether you hope that one of them will run the ranch on their own or that all of your children will share the land together, your hopes may be unrealistic. A significant number of children who inherit ranches or farmland from their parents or grandparents will sell the property. Even if you leave the property jointly to your children, one child who doesn’t want to keep the land could complicate the arrangement for the whole family. They could ..read more

Many people understand why they would need a medical power of attorney. This document helps you if you’re not able to make medical decisions. It legally chooses another person who has been granted the power to do so. They’re known as your agent, and they can make decisions in your best interests. You know that you have someone on your side and that someone is authorized to make those choices when they’re most needed. But why would you want a legal power of attorney? In many ways, this is the same, but it performs a very different function. It is important to have both, and you need to know why ..read more