Author: Michael Baron

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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Will the New Presidency Effect Estate Taxes?

Dear Michael: We have been watching the election – like everyone else – and think maybe now would be a good time to see what President Trump does before we complete our estate planning. We have heard there are not going to be any more estate taxes, so we needn’t worry about this in the future. What other good things have we got coming under the new administration? – Looking Forward Dear Looking Forward: I think many good proposals were put on the table during the election process. Promises of lower income taxes, repeal of Obamacare, estate taxes being...

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Transition Planning Does Not Have To Be Complicated

Dear Michael: We wanted to write and thank you for the article your wrote titled “Don’t Complain About Farmers With Your Mouth Full“. It’s about time someone explained that subsidies aren’t making farmers rich – they’re to keep farmers in business to produce the most valuable commodity in the world – food. This benefits not just farmers but every time people go into a grocery store to buy food – having a willing and able workforce to provide low-cost food items. We’ve had four generations on our family farm, each one taking over from their father or their father’s...

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