Legacy Planning
-
The Three C’s of Succession Planning
I did a podcast taping with Dave Specht and we discuss the important three C’s of a good family farm transition.
-
Valuation Discounts: What’s the big deal?
Valuation discounts appear to be safe for now but in this post we review how much they can reduce the value of your assets for gift and estate tax purposes.
-
Is My Grantor Trust Safe?
Many farmers created irrevocable grantor trusts this year to get out of possible new restriction on using these trusts. However, even though they may be grandfathered, they still may have issues that you need to deal with.
-
Podcast on House Ways and Means Proposals
I did a special Farm CPA Podcast on the House Ways and Means tax proposal earlier this week and you can listen to it here if you do not get Apple Podcasts.
-
SLATs – What are They and Why Do We Want Them?
A Spousal Lifetime Access Trust (SLAT) may make sense for gifting in 2021. We go over the details.
-
What is the Earnings Test?
If you plan on retiring early on social security it is important to understand the earnings test. We review the key details.
-
IDGT – What is it?
With possible increases in estate and gift taxes looming, the use of an Intentionally Defective Grantor Trust (IDGT) may be appropriate to use in 2021.
-
Gifting – Rules Now and Maybe in the Future
There are likely changes coming to the gift tax rules. We review the current requirements and what may change and how it may affect you.
-
How to Appeal IRMAA
A reader asked for more details on how to appeal an Income Related Monthly Amount Adjustment (IRMAA) and we provide the details.
-
What’s Most Important?
Today’s post simply has a couple of stories about what can be more important than perhaps the price of corn.