Serving Southern Jefferson County in the Great State of Montana
Serving Southern Jefferson County in the Great State of Montana
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Want to save money on your Montana state income taxes? You can do that by opening a Medical Care Savings Account (MSA) or adding money to one you already have—just make sure to do it before December 31, 2025. Your MSA can be established at a financial institution such as a bank or credit union. Or you can have stocks, bonds, or mutual fund MSA accounts. or What is an MSA? An MSA is a special savings account that helps you set aside money for medical expenses. You can deposit up to $4,600 each year, and the money can be used for eligible m...
This is one in a series of articles focusing on estate and legacy planning. Authors are KALEENA MILLER, MSU Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Dr. MARSHA GOETTING, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. In a state where family, land, and legacy matter deeply, Montana State University Extension is empowering residents to take control of their estate planning with the newly revised MontGuide, Designating Beneficiaries to Avoid Probate. Authored by Dr. Marsha A. Goetting and...
This is one of a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. While Congress passed and the President signed into law new legislation early in July, the 900-page document presents challenges for sorting out what applies to most people. We are highlighting several of the provisions. Federal Estate Tax Exemption: The federal estate tax...
This is one of a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. The Montana Rights of the Terminally Ill Act allows an individual (the declarant) who is of sound mind and who is 18 or more years of age to make a declaration (living will) to govern the withholding or withdrawing of life-sustaining treatment when they are in a terminal...
This is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Montana residents can safeguard their home equity against unsecured debts by filing a homestead declaration, a legal tool that offers protection of up to $409,450 in home equity during 2025 said Marsha Goetting, MSU Extension Family Economics Specialist. This safeguard is...
This is one in a series of articles focusing on topics about estate and legacy planning. Authors are Kaleena Miller, MSU Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. When a person dies, with or without a will, Montana provides a legal process for transferring assets in the name of a deceased person (decedent) to those entitled to them, said MSU Educators Goetting and Miller. If the decedent dies with a valid Will, the assets are...
This is one of a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu; and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Summertime often is the occasion for family reunions. Those who are not present this year may remind us that we need to give some thought about whom we want to leave our assets to upon our death. Granted that may be a dreadful thought, but we must face reality. If we do not decide...
This is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, MSU Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. While Montana has more than 21,000 people living with Alzheimer’s, there are no figures about the number of agricultural producers with the disease. “They exist because many family caregivers have approached me during my estate planning meetings desperately wanting resources suc...
This is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Have you wondered how “best” to transfer your farm or ranch enterprise among family members? Have you started the process but then got frustrated because no plan seemed fair to all? If yes, you will want to attend the “Finding Fairness in Farm and Ranch Transitions” worksho...
This article is one in a series focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. With the start of a new year, it’s time to set your financial goals for 2025. An important suggestion from Extension educators Marsha Goetting, MSU Extension Specialist and Kaleena Miller, Madison-Jefferson Extension Agent, is to make getting your estate plan done a priority d...
This is one in a series of estate and legacy planning articles. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. According to Marsha Goetting, MSU Extension family economics specialist, Montanans can make a gift to themselves and open a Medical Care Savings Account (MSA) or make deposits into existing MSAs before Dec. 31 and reduce their state income taxes for 2024. MSA account holders may deposit up to...
This is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Are you one of those who have had a traditional IRA for years and years, perhaps since the creation of IRAs in 1976? At the time, you may have designated your spouse and/or your children as the beneficiaries. This made sense because your spouse could roll the IRA into their IRA. And...
When a person dies, the answers to the following questions will help a financial entity decide who is entitled to the funds in the account: • Was the account jointly owned by the decedent with others, and if so, what are their names? • Did the joint account say right of survivorship or without right of survivorship on the form? • Did the joint account have a payable on death (POD) beneficiary designation or transfer on death (TOD) beneficiary registration? • If the decedent was the sole owner, did they make a payable on death (POD) benefic...
This is one of a series of articles focusing on estate and legacy planning. “The 2021 Montana Legislature passed the Transfer on Death Act for Vehicles and Vessels and clarified the definition of vehicles and vessels during the 2023 session” says Marsha Goetting, MSU Extension Family Economics Specialist. Montana law defines vehicles and vessels to include automobiles, vans, trucks, sport utility vehicles, motorcycles, recreational vehicles, trailers, pole trailers, snowmobiles, sailboats 12 feet or longer, and motorized boats including persona...
This is one in a series of articles on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. The Montana legislature has provided tools to allow Montanans to have their financial assets passed to the people they choose instead of letting the state decide. According to Montana State University Extension educators, an added benefit is that probate is avoided. Marsha Goetting, MSU...
While Montana has more than 22,000 people living with Alzheimer’s, there are no figures available about the number of agricultural producers who have the disease. “ I know they are out there because family caregivers have approached me wanting to know about financial and health care powers of attorney during my estate planning meetings across the state,” said Marsha Goetting, MSU Extension Family Economics Specialist. The MSU Extension developed this magazine because there is little information about Alzheimer’s disease and its impact on farm...
This article is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. When selecting an attorney to help you develop your estate plan, you want one who is well-informed about Montana will, trust laws, and other legal tools. You want the attorney to develop an estate plan tailored to your needs by considering your age, health, family,...
This is part of a monthly series of estate and legacy planning articles. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, goetting@montana.edu. Anniversaries are for celebrating special occasions. An anniversary could also be designated as a “Contingency Day,” a time for couples to re-examine their financial lives and their legacy plans for their survivors. Whom have you left your assets to after you are gone? Are those the peo...
This article is one in a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu, E. Edwin Eck, Professor Emeritus, Allexander Blewett III School of Law, University of Montana. In this digital age, many people keep only electronic copies of their electronic communications, namely, email messages, text messages, instant messages, and other electronic commu...
This is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. Montanans can open a Medical Care Savings Account (MSA) or make deposits into existing MSAs before Dec. 31 and reduce their state income taxes for 2023, according to Marsha Goetting, MSU Extension family economics specialist. MSA account holders may deposit up to $4,500 to use...
This is one in a series of articles focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. “The FBI is warning about “phantom hacker” scams targeting seniors nationwide and stealing their life savings,” says Kaleena Miller, Madison-Jefferson County Extension Agent. From January to June 2023 there were 19,000 tech scams reported to the FBI with more than $542 million...
This article is one in a series focusing on estate and legacy planning. The authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. “Couples living together should be aware that a court could later find their actions constitute a marriage,” says Marsha Goetting MSU Extension Family Economics Specialist. “They should be careful not to hold themselves out as married unless they are willing to accept the possi...
This is one of a series of articles focusing on estate and legacy planning. Authors are Kaleena Miller, Madison-Jefferson County Extension Agent, kaleena.miller1@montana.edu, and Marsha A. Goetting, MSU Extension Family Economics Specialist, marsha.goetting@montana.edu. During her estate planning meetings across the state, Dr. Goetting is often asked, "How do I avoid paying death taxes?" Dodging the Montana death tax is easy, says Marsha Goetting, MSU Extension Family Economics Specialist Goetting. Montana has not had an inheritance tax since 2...
A testamentary trust is one that is set up according to the instructions contained in a last will and testament. The owner’s property, such as stocks, bonds, mutual funds, home, bank or credit union accounts, and certificates of deposits, must first pass-through probate or bypass probate by naming the testamentary trust as the beneficiary. A will is an instrument that sets up the testamentary trust, however, so the will must go through the probate process. According to Marsha Goetting, MSU Extension family economics specialist, the personal r...
The Achieving a Better Life Experience Act (ABLE) became federal law on December 19, 2014. The Montana legislature the passed an act by the same title. An ABLE is a savings account allowing a person with a disability to save money without risking a decrease in state and federal benefits. The law aims to ease financial strains faced by individuals with disabilities by making these tax-free saving accounts available to cover qualified disability expenses. The designated beneficiary of an ABLE account is the individual who owns the ABLE account....
