Legacy Planning
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When no Estate Tax is a Bad Thing – Part Two
I received two excellent comments on my post from Monday of this week regarding the cost to some farm families of not having an estate tax for this year. The comments had additional information which is all applicable for this year. The main intent of my post was to let farm families know that without […]
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My First TV Appearance
Just wanted to give all of my readers a heads up that I will be appearing on the Leave a Legacy TV show this Thursday morning (the 25th). It will generally take the place of AgDay and you may want to check your local listings for time. You will also be able to view it […]
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When No Estate Tax is a Bad Thing
Most farmers are assuming that since there is no estate tax for 2010, that this must be a good thing for all taxpayers. The reality is that many farmers may end up paying more in taxes than under the law in effect for 2009. This is due to the fact that carryover basis will no […]
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Make Family Meetings Civil Not a War
As a CPA, I have been involved in many family meetings. Sometimes, I act as an advisor to the participants. At other times, I may actually be part of the family that is having the meeting. I remember having a client several years ago that had several children that were actively involved in the business […]
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Do You Have Your Rip Cord
Our CPA firm deals with many newly formed businesses each year. When two or more people get together to form a business, it is almost like a boyfriend and girlfriend getting together for the first time. They are usually fairly giddy with excitement over the new venture and look forward to the business being there […]
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Estate Tax Whiplash!
Thanks to Senate gridlock, taxpayers who are trying to do effective estate tax planning are in for a case of estate tax whiplash over the next few months. The federal estate tax is due to disappear for one year starting in about two weeks, however, it may reappear unexpectedly and retroactively. When the Senate refused […]
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New Farmers Get a Helping Hand
An article in the Denver Post today and in other papers outlined a program in Iowa that is designed go help young non-farmers become farmers by hooking them up with farmers that are ready to retire. This particular program is located in Iowa at Iowa State University and is headed up by Dave Baker. The program […]
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For New Farmers (or Old Ones)
The people behind Successful Farming have developed a network for new farmers called Farmers for the Future. They have had at least one conference and Loren Kruse, Editor-in-Chief of Successful Farming recapped the key ideas from the last conference. This recap had many good ideas for new farmers, but I think almost all of the […]
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Thoughts on Estate Planning for Farmers
I think over the next several months major changes will be made to the estate tax laws. Right now, each individual can have a tax-free estate of $3.5 million. Next year it is unlimited, however in 2011, it reverts back to $1.0 million. I think Congress will make changes this year to make the current […]
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Millennials−Are You Ready?
I was one of the last baby boomers (missed the 1950’s by 28 days) and all of my four boys will end up being known as the Millennial generation. Many of these will end up being your employees and the type of compensation and feedback that works for us does not work for them. Chris […]