MarshaGoetting

The Power of Planning

Did you know that seven out of 10 Montanans don’t have a written will? Dr. Marsha Goetting, MSU Extension Family Economics specialist, shares some of her knowledge in this article written in the Spring 2016 issue of Montana State University’s magazine, Mountains & Minds.


 

If you are a Montanan with a question about wills or how to avoid probate, chances are you have run into Marsha Goetting. In the last year the Montana State University Extension family economics specialist traveled nearly 7,000 miles to 48 communities in the Big Sky state to teach free courses in estate planning to more than 1,378 Montanans. It’s a labor of love for Goetting, who in nearly 40 years as a MSU Extension specialist has built a national reputation for providing vital information about estate planning.

What are some of the most popular questions about estate planning?

The most popular topic has been what happens to your property if you die without a written will, as do seven out of 10 Montanans.

What is the number one most important piece of advice that you give to those who attend your seminars?

Do your estate planning now. We are all going to die someday, so we might as well be prepared so that those we want to receive our assets do indeed receive them.

What estate planning topics do people seem to know the least about?

Here are three:

Right of Representation. Under Montana’s intestacy (dying without a will) statutes, property is distributed by right of representation. Some wills and trusts have similar provisions. I have found that 92 percent of the members of my audience have answered a question incorrectly about how their property would be distributed if they should die.

Death Taxes. When asked what percent of Montanans paid an inheritance tax in 2014, usually from 65 to 90 percent indicate that all those who inherit property have to pay. What a surprise to learn that there is no longer an inheritance tax in Montana! A spouse, children, grandchildren or friends do not pay a Montana inheritance tax when they inherit property. When asked what percent of Montana’s deceased persons’ estates paid a federal estate tax in 2014, again, the majority respond with 65 to 100 percent. They are shocked to learn that less than one percent of Montana’s deceased person’s estates paid a tax in 2014.

Avoiding probate. One of the most popular topics in my presentations has been how property could be distributed without probate by using payable on death designations on checking accounts and certificates of deposit or transfer on death registrations on stocks, bonds or mutual funds.

What actions do people plan to take after attending one of your sessions?

After attending a presentation, here’s what attendees say they will do:

  • 15 percent intend to write a will in their own handwriting
  • 30 percent indicated they are going to review their wills
  • 38 percent will see an attorney about executing a will
  • 94 percent plan to discuss estate planning with a spouse and/or family members    
  • 90 percent indicated they are going to review their property ownership titles
  • 91 percent plan to review their beneficiary designations on their assets
  • And, 99 percent indicate they will recommend my presentation to others. ■

To view the original article, click HERE.

 

BuildingNativeCommunities_0616

Updated “Building Native Communities” Curriculum Released

In honor of National Financial Literacy Month during April 2016, First Nations Development Institute (First Nations) and First Nations Oweesta Corporation (Oweesta) released the 5th edition of the Building Native Communities: Financial Skills for Families curriculum. The revised curriculum includes an updated Participant Workbook and Instructor Guide.

Building Native Communities: Financial Skills for Families is a culturally-appropriate guide to financial education in Native communities that helps individuals make informed financial decisions for themselves, their family, and their community. Since the release of the first edition of the curriculum in 2000, Building Native Communities: Financial Skills for Families has become the leading financial education curriculum in Indian Country. To date, First Nations and Oweesta have distributed over 18,000 copies of the Financial Skills for Families workbook and over 1,400 leaders from 28 states have become certified trainers through nearly 60 Oweesta/First Nations train-the-trainer events.
To pre-order copies of the 5th edition curriculum, contact Chris Hansen at chris@oweesta.org or (303) 774-8838. To download a PDF copy, visit the First Nations Knowledge Center.
WIW

What It’s Worth

What It’s Worth: Strengthening the Financial Future of Families, Communities and the Nation

A Connecting Communities Webinar

Tuesday, June 14, 2015 | 1:00 p.m. MST

Every household’s financial health matters to the success of the U.S. economy, but financial insecurity is widespread and impacts a broad range of outcomes, such as health, educational attainment, and employment. A new book, What It’s Worth: Strengthening the Financial Future of Families, Communities and the Nation, examines the systemic causes of financial insecurity, the enormous creativity and innovation already happening to increase financial well-being, and how we can implement proven and emerging solutions.

This Connecting Communities webinar will discuss themes from the book and highlight promising practices for building financial well-being. Topics will include strength-based, multicultural asset development approaches, such as the Lending Circles platform, and ideas on how nonprofit housing organizations can play a role in cross-sector partnerships that promote financial health.

Connecting Communities® Sponsored by the Federal Reserve System

Speakers include:

  • Laura Choi, Federal Reserve Bank of San Francisco
  • Kate Griffin, CFED
  • Jose Quinonez, Mission Asset Fund
  • Paul Weech, President & CEO of NeighborWorks America

Register