Legacy Planning
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What Do You Mean I’m Subject to IRMAA?
Medicare premiums are based on taxable income. If you’ve received a large adjustment in your premiums that resulted from a life change, make sure to consider appealing the adjustment.
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Managing Risk is About More Than Hedging and Insurance
Risk is everywhere. Have you considered the risks related to not having formal contracts and agreements in place for critical components to your operation?
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Do I Need a Trust?
Trusts are valuable tools in estate planning, but there is not a one size fits all approach.
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The Social Security Donut Hole
Farmers who are age 60 or 61 this year will not get any benefit from inflation. We explain why.
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Good News on IRS 2023 Inflation Adjusted Lifetime Exemption Amount
The largest inflation adjusted increase in the lifetime exemption amount will occur in 2023. We go over the details.
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HSA – The Triple-Play of Retirement Accounts
A Health Savings Account can be the retirement plan option for a farmer. We review why.
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You Now Have Five Years to Make Portability Election
The IRS just issued guidance allowing five years to make a portability election. This is good news.
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Estate Tax Planning Seminars
I will be doing a four hour seminar on estate planning using trusts, etc. over the next few months. We provide a link to each seminar.
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You Get to Keep the $12.060 Million Exemption
We respond to a reader’s question on portability for after 2025.
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Do I Need a Bypass Trust?
Portability was enacted in 2011. Many farmers assume they now don’t need a Bypass Trust. This may not be the case and we go over some of the reasons why.