Author: Michael Baron

Son-In-Law’s Drinking Habits Stresses Family Members, Threatens Future of Farm Operation

Dear Michael: We have a bit of a problem and maybe it won’t turn out to be the worst problem in the world. One of our daughter’s is married to a man who abuses alcohol but refuses to get any help. Our daughter doesn’t want to leave him because of their children. Being as they are farming with us, the other children have become concerned about what will happen when we die. They think he will ‘drink away’ the family farm. Now we have our daughter-in-law’s throwing in their two cents worth making the entire family feel uncomfortable whenever...

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A Heartbreaking Tale of the “Legacy Mom and Dad Didn’t Want”

Dear Michael: Our father recently died. Mom had died about ten years ago. In my father’s will, it stated that our youngest brother should be able to buy the land from us as he stayed with the farm.  Before Dad died, the farming son owed quite a bit of money on rent to Dad. He hadn’t paid for going on three years and Dad had never pushed it with him. Dad always kind of tried to take care of him. When the attorney was settling the estate, he told us the farming son could buy the land for well...

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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...

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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...

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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...

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