Author: Michael Baron

Estate Planning With a ’Millennial’ in the Equation: Q&A with Michael Baron

Dear Michael: Our son has been farming with us for a few years now. Jr. is single and doesn’t seem to have any interest in dating or getting married. He just wants to sit at home when the work is done – and he’s a good worker – but he has two sisters who are married and do have children. I guess from what we can see now, Jr. (and most of his friends) are not likely to get married and carry on the family farm to another generation? We know this is not a very unique situation as...

Read More

Living Trust Versus a Will: Michael Baron Explains the Difference

Dear Michael: We went to an estate planning seminar put on by a local law office. They brought in a speaker who made quite a presentation with slides about the benefits of living trusts. It sounds like these trusts are head and shoulders above just a will. However, they did sound like they could get very expensive in comparison to a will. Is there really that much greater benefit to a living trust versus a will? – Been To A Seminar Dear Been To A Seminar: Most of these seminars tout the fact you can use living trusts to...

Read More

The Lowdown on Wind Income and Estate Planning

Dear Michael: We have had a working relationship with our son for the past twenty years. We received some good news when they built wind towers on our farm about three years ago. It has certainly helped on the income side for our farm operation. However, our other children have expressed they think some of this income should come their way upon our death and it shouldn’t all go to Jr. We know how much it has meant to us during short times. How do we explain to the other kids this belongs with the farm? – Windy Times...

Read More

What Everyone Should Want in Their Estate Plan

Dear Michael: What do you think are the most important parts of setting up a good estate plan? Our kids keep changing things in their lives with new spouses and new jobs. We keep talking about it, but my husband I never seem to agree on what we should do – so we do nothing. –Procrastinator Dear Procrastinator: I think everyone can agree that it’s easy to procrastinate when there are unknowns to your questions. The best way I know how to eliminate ‘unknowns’ is to educate yourself and, simply by asking the question you did, it shows you...

Read More

Estate Taxes and the “Political Pendulum”

Dear Michael: We have been putting off our estate planning since the presidential election. We know, under the current laws, our estate will have to pay estate taxes as we are in excess of eleven million dollars by a good share. Do you think estate taxes will be eliminated as promised in the election campaign? Should we just continue to wait until the tax relief agenda is passed by Congress? –Waiting on a Solution  Dear Waiting: You could sit and wait and see what happens. There are three scenarios which we will face in the upcoming months and you’ll...

Read More

Recent Videos

Loading...