Consider alternatives. Study several alternatives. Probably one plan or a combination of plans for a particular family is better than the others.

Protect parents. The financial security of the parents should have a high priority in every plan. The children should insist on a comfortable home for the parents with enough income to take care of emergencies.

Discuss proposals with persons concerned. This is especially important if a child (or children) is taking over a farm or business. Leaving a productive unit and seeing that one child does not take on an unreasonable debt load while trying to buy out the other heirs may be very important. Most families, unfortunately, are hesitant to discuss property transfer arrangements. The parents should usually take the responsibility for initiating this action. These discussions contribute to the interest and welfare of the entire family.

Treat children fairly. It may not be fair for all the children to receive equal shares. The size of share may justifiably be larger or smaller, depending on the contributions made to the parents, financial assistance received from the parents, health, or other reasons. These factors should be recognized by the parents and understood by the children.

Consider estate taxes, gifts, marital deductions, and costs. These items can be vitally important in large estates.

Have some liquid reserves. It requires money to settle estates and debts, and taxes must be paid first. Unless cash is available through insurance or other sources, some of the property may have to be sold, possibly at a loss.

Get good business advice. Certain phases of the plan may require expert help to achieve the best plan. Perhaps you should consult a banker, an appraiser, an accountant, a farm management specialist, an insurance counselor, or others as needed.

Consult a lawyer. After considering the alternatives and as part of your planning, consult a lawyer. Working out the details, applying the laws, and drafting and drawing up the legal documents are the practices of the law.

Take action. Knowing and planning are important, but they must be activated to achieve the desired results.