- Natacha Gasper
- May 13, 2023
April 15th was the 2nd annual Purple & Gold Legacy Foundation event and the turnout was noteworthy with a little over 300 people attending. The Foundation was created by Michael Lerwick and the purpose of the foundation is to create funding for existing and potential Pine Bluffs youth organizations. Their mission statement outlines “This funding will provide opportunities for success and growth of the youth of Pine Bluffs.”
2022 was their launch year with around 250 attendees. Raising around $115,000, the foundation was able to assist the 4-H shooting sports organization pay for their range memberships, buy cold gear and gps watches for the cross-country team and so much more. Overall, the organization helped fund over 28 youth projects in the area through their first event.
The committee now consists of approximately six members who plan and host the event and determine the best ways to distribute funds. The community itself comes together to provide items to help make it the success that it is. “Not only do the local businesses and individuals show up to the event, but they are also integral in getting the banquet together, by donating items or their time. They are a huge part in making this happen. Whether it’s food or items purchased, we try to support local as much as we can through the process.” said Allie Leitza, a committee member.
During the event, there is a prime rib dinner, a silent auction, live auction, a pick a prize event/activity, and a 50/50 raffle to name a few. The 2023 event raised funds to distribute $85,000 worth of needs for local youth organizations. “We were humbled by the turnout and the number of people who showed up for the youth in our community,” said Allie.
Hats off to Michael Lerwick, the committee members and the Pine Bluffs Community for their dedication to their youth. The Purple and Gold Legacy Foundation banquet is an inspiring event held by a community of inspiring people.
If you would like to donate or attend next year’s event, please contact Allie Leitza at 307-640-2019.
- Jeff Garrett
- May 7, 2023
The decision to gift a property or put it in a trust depends on several factors, including your personal circumstances and goals.
Gifting a property involves transferring ownership of the property to another person, typically without receiving anything in return. The recipient then assumes responsibility for all taxes and expenses associated with the property. Gifting a property can have tax implications, so it's important to consult with a tax professional to mitigate any possible tax pitfalls.
On the other hand, putting a property in a trust involves creating a legal entity that holds the property on behalf of a beneficiary or beneficiaries. This can offer benefits, such as the ability to control how and when the property is used, protection from creditors, and potential tax advantages. There are different types of trusts, such as revocable and irrevocable trusts, and each has its own advantages and disadvantages.
Ultimately, the best option for you will depend on your specific goals, circumstances and long-term plans for the property. It's important to consult with qualified professionals, such as an estate planning attorney and tax advisor to discuss your options and determine which approach is most appropriate for your situation and your farm or ranch.
****The information provided is intended for general informational purposes only and should not be relied upon as legal, accounting, or tax advice. Before making any decisions or taking any actions based on this information, you should consult with a qualified professional in the relevant field.****
- Holly Allison
- Mar 15, 2023
Whether or not you should put your farm or ranch in a trust depends on several factors, including your personal goals and circumstances. However, here are some potential advantages and disadvantages to consider:
Advantages of putting your property in a trust:
Avoiding probate: If your property is placed in a trust, it can be passed on to your beneficiaries without going through the probate process, which can be time-consuming and expensive.
Control over distribution: By setting up a trust, you can control how and when your assets are distributed to your beneficiaries. For example, you can specify that the ranch is used for a particular purpose, such as a family retreat, or that it only be sold after a certain amount of time has passed.
Asset protection: A trust can protect your farm or ranch against creditors or legal claims.
Privacy: Trusts are generally private documents, so placing your property in a trust can keep your affairs out of public record.
Disadvantages of putting your land in a trust:
Cost: Setting up a trust can be expensive, and you'll need to pay ongoing fees for its maintenance.
Loss of control: Once you place your property in a trust, you'll no longer have direct control over it. The trustee you appoint will manage the trust and make decisions about the farm or ranch.
Complexity: Trusts can be complex legal documents, and you'll need to work with an attorney to create one that meets your needs.
Tax consequences: Depending on the type of trust you set up, there may be tax consequences to consider. You'll need to consult with a tax professional to determine the best approach for your situation.
Ultimately, whether or not you should put your property in a trust depends on your specific goals and needs. Consult with an attorney or financial advisor specializing in estate planning to help you make an informed decision.