Many Americans have experienced considerable fluctuation in their net worth during recent months. People who had invested in stocks through 401k accounts or IRAs watched values melt away during much of 2008 and early 2009. Since March 2009, many investments have experienced strong performance while others have emulated a roller coaster ride. A bright spot for many in agriculture is that agricultural land values appear to be steady to only slightly weaker in most regions of the country. Even though investment advisors recommend diversity in one's portfolio, average agricultural producers have 87% of their wealth invested in land and improvements. This has been a good strategy during recent years of financial volatility. Regardless of one's investments or the size of one's estate, attention should be given to planning for the estate's future.

Most people have preferences concerning how they want their estates' assets distributed. This can be accomplished by creating legal documents to ensure that those preferences are carried out. This is important no matter the size of the estate. There are additional reasons for planning if one's estate is more than $1 million. In 2001, Congress passed estate taxation legislation. At that time, an estate valued at more than $1 million was subject to an estate tax. There was essentially a $1 million tax exemption. The tax rate was as high as 55% for very large estates. The legislation allowed the estate tax exemption to increase incrementally to $3.5 million by 2009 with a tax rate cap of 45%. It also stated that in 2010 there would be no estate tax on any size estate. In 2011, pre-2001 exemption levels of $1 million would be reinstated and the maximum estate tax rate would go back to 55%.

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