Legacy Planning
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Vanessa Bechtel Discusses How Political Changes May Impact Succession Planning
Vanessa Bechtel and I discuss the political impact on succession planning and we review some of the major changes that may happen soon.
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Where’s Paul in January
This post provides information on where Paul Neiffer will be speaking in January.
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Community Property Trumps Separate Property
Community property states have advantages over separate property states when it comes to step-up in value of an estate. Now you don’t need to live in one of those states to take advantage of it.
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IRS releases Farm Land Valuation Interest Rates
A farmer’s estate can show a lower “rental value” for farm land. However, there is a limit on this. Also, we provide three additional webcast for farm tax CPE.
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What are your Social Security Bend Points
As you approach retirement you wonder if you should pay in more FICA taxes. We go over the calculations. The answers may surprise you.
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Make Sure to Coordinate Estate Documents with Ag Laws
At the Northwest Ag Bankers conference yesterday Corey Brock a local attorney spoke on various issues related to estate and tax planning for farmers. In most parts of the Columbia Basin water project a farmer is limited to owning 960 acres. If you go over this limit certain penalties will apply including possible loss of […]
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Don’t Forget Your Retirement Plan
I was talking with a new farm client the other day about his estate plan and what struck me the most was not how much farm land value he had accumulated but rather the amount he had tucked away into his retirement plans. This amount was over 6 figures and he had only been contributing […]
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Here We Go Again!
It seems like it was only three months ago that we had a new law making the lifetime estate tax exemption $5.0 million indexed to inflation ($5.25 million in 2013). Wait! It was only three months ago. President Obama today release a 2014 budget proposal calling for changes to this “permanent” law. Beginning in 2018, the […]
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When It Pays to Increase Your Earnings
We get this question from farmers approaching retirement age a lot: “I have had very low income for most of my career and should I try to maximize my income as I approach retirement to increase my social security benefits” Chris Hesse, who is one of my partners at CliftonLarsonAllen, LLP had provided me with […]
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Is a Dynasty Trust Right For You?
A common question that arises in our meetings with clients is about making sure that the farm remains in the family for multiple generations. One option for accomplishing this is the use of a Dynasty Trust. Many states such as South Dakota, Delaware and Alaska allow for trusts that are either perpetual or last for […]