Author: Michael Baron

Estate Planning is a Short-Term and Long-Term Planning Process

Dear Michael: We have been trying to get our estate organized so that our farming son can keep on operating and our daughter, who does not farm, gets an equitable inheritance from our estate. Sadly, we weren’t able to put aside much into retirement funds and savings to provide some benefit to her. We also have quite a bit of grain in storage – or we did before the planting season began. Now it’s been sold and used to purchase fuel, seed, and all the things we’ll need for the year. Is grain a good thing to leave to...

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Gifting to Your Children? Simple Questions You Need to Answer First

Dear Michael: We have been fortunate to put aside some money as well as pay for our farm operation. None of our children are farming and we are getting close to retirement. With no children farming, we probably don’t have the same problems other people do. However, my husband and I disagree on whether or not we can gift anything – of our savings – to our children. How do we know what we’ll need in years to come? – Have Saved Dear Have Saved: In every single client case I work on with people, I help them answer...

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Who Doesn’t Love a Tax Cut?

Dear Michael: Are estate has grown in the past decade, and we might be approaching the credit amount allowed for families. What is the current amount we (my wife and I) can pass without the kids paying estate taxes? We know that President Trump has talked about getting rid of estate taxes and just going to capital gains. Is that good or bad for us? – Feeling Taxed. Dear Feeling Taxed: This time of year, everyone gets to feeling over taxed – both literally and figuratively. A combined hangover from winter and tax payment time. The current five million...

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Two Big Headaches: When There is Inequity in Your Estate Plan, part 2

Dear Michael: We had set up our estate the way you had described in your last column. Our land and machinery will go to our farming son and our two daughters will share our savings which is made up of C.D.s, retirement funds and some stocks and bonds. It’s certainly not equal with what the son will be getting but he has been working all these years here and they have not. We are retiring and letting him take over the livestock and farming. – Two Big Headaches Dear Two Big Headaches: As I was explaining in my last...

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Two Big Headaches: When There is Inequity in Your Estate Plan, part 1

Dear Michael: We have two children – one who has been working with us on the farm for quite some time, but has his own farm operation as well. We also have a daughter. Up until the past ten years, we always had enough money in savings that we felt if the farm/ranch went to our son and our liquid assets went to our daughter that this would be a fair and equitable inheritance. However, the past decade the land has inflated ten times over, but our cash savings has not. With the increase in land, we are likely...

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