TERMS & DEFINITIONS
Estate and Farm Succession Language
Defined in Plain Simple English
TERMS & DEFINITIONS
Estate and Farm Succession Language
Defined in Plain Simple English
Minimize Potential
Estate Losses
Protect the Farm
Heir’s Viability
Treat All Heirs
Fairly & Equitably
Learn the key terms that advisors use when structuring
an estate and farm succession strategy.
ESTATE TERMS
Financial Power of Attorney
Healthcare Power of Attorney
Individual Ownership
Irrevocable Trust
Joint Tenancy
Traditional Will
Revocable Trust
Stepped Up Basis
Tenants In Common
Trustee
More Coming!
FARM SUCCESSION TERMS
Buy / Sell Agreement
First Option to Buy
First Right of Refusal
More Coming!
FINANCIAL TERMS
Applicable Federal Rate (AFR)
Guaranteed Universal Life
Term Insurance
More Coming!
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