During 2020-2021, the pandemic interrupted in-person MSU Extension estate planning meetings in Montana communities. It also gave Marsha Goetting, MSU Extension Family Economics Specialist and her co-authors time to develop five MontGuides on topics that had been requested by Montanans attending her programs. Six MSU Extension MontGuides were also revised to incorporate recent changes in state and federal laws. 

MSU Extension MontGuides represent taxpayer dollars at work. They provide educational information on a wide range of topics from nutrition and mental health, agriculture and natural resources, yard and garden, outdoors and wildlife environment, to housing and environmental health. There are more than 50 estate planning MSU Extension MontGuides with brief descriptions available at: https://www.montana.edu/estateplanning/eppublications.html.

Below are the new* and revised MSU Extension MontGuides:

  1. *Income Tax Impact While Selling, Gifting, or Leaving Property as an Inheritance - Before reaching a decision to sell, give, or leave property as an inheritance, read this MontGuide to become aware of the income tax concepts of basis and adjusted basis.  Learn about the differences between the stepped-up basis on inherited property and the carryover basis on property you gift during your lifetime, and the tax consequences of each.
  2. *Testamentary Trusts in Montana describes how a trustee can manage assets on behalf of a beneficiary. The terms of a trust are set forth in the settlor’s written will. A testamentary trust does not legally exist until the settlor dies and the will of the settlor passes through the probate process. 
  3. *Using Trusts in an Estate Plan to Provide for Children from Blended Families - Blended families bring unique challenges to the estate planning process. This MontGuide describes how Testamentary and Clayton Election Qualified Terminable Interest Property (QTIP) trusts can help blended families achieve a variety of estate planning goals.
  4. *Selecting an Attorney in Montana to Develop an Estate Plan or Administer an Estate (Probate) describes important steps to consider when selecting an attorney in Montana to help develop and implement an estate plan or to provide legal help with the probate process.
  5. *Quitclaim Deeds in Montana outlines some potential risks and unintended tax consequences of quitclaim deeds. This type of deed does not include any promises or guarantees to the grantee. Whatever interest the grantor has in the real property – even if the interest is nothing – that is what the grantee receives.
  6. Using a Homestead Declaration to Protect Home from Creditors was revised to reflect the Montana statute that increased the amount of equity protection in a home against creditors’ claims from $250,000 to $350,000.
  7. Personal Representative Responsibilities reflects changes in the dollar amount of protection for the surviving spouse and minor children against creditor claims on the estate of a person who died. The amount an attorney and personal representative can charge for performing their duties changed from a percentage of the value of the estate to a “reasonable” fee.
  8. Life Estate: A Useful Estate Planning Tool explains how to allow someone to possess property during their lifetime before the estate passes to a different person or organization. 
  9. Medicaid and Long-Term Care Costs updates the dollar values of excluded resources and the standard nursing home cost in Montana of $7,670. The MontGuide outlines the legal and tax ramifications, as well as impacts on emotional and physical health, of financing long-term care.
  10. Montana ABLE Accounts: Achieving a Better Life Experience - An ABLE account is a savings account allowing persons with disabilities to save money without losing their SSI or Medicaid benefits. The MontGuide clarifies which family members can receive a state tax deduction for up to $3,000 annually for a contribution to an ABLE account.
  11. Custodial Accounts for Children Under Age 21: Montana Uniform Transfers to Minors Act (UTMA) - MT199910HR - A custodial account is one alternative for a parent or other adult who wants to gift assets during the adult’s lifetime, make a bequest in a will, or make distributions from a trust for the benefit of a child who is under 21 years of age. This MontGuide better explains how custodial accounts are allowed under the Montana Uniform Transfers to Minors Act (UTMA).

Find the whole catalog of MSU Extension MontGuides in the online store. 

 


Marsha Goetting is the Family Economics Specialist at MSU Extension