Farm Estate and Succession Planning
This blog focuses on making complex and difficult topics in estate and business planning understandable and applicable to the reader.
Dealing with the Certainties in Life: Death and Taxes
Dec 16, 2011
This time of year (tax season), I am often reminded of the phrase: “There are two certainties in life: Death, and Taxes.” Neither certainty is any fun to think about; but, it’s there whether we like it or not. I’m guessing right now you are working on the “tax certainty”. You are working with an agriculture tax professional to maximize opportunities in tax savings for the year (if you’re not, you should be.) You work through this every year because you know if you don’t, you know there will be consequences.
What about planning for the other certainty - death, with estate planning? Have you put as much emphasis in planning here? Statistics say no. For one thing, no one likes thinking about their own demise. Moreover, many times people have no idea where to start. Regardless of the barrier, the certainty remains . . . It will happen to all of us.
The key is to overcome the barriers keeping you from your estate planning. Start somewhere, and find a trusted professional to help you work on a plan. I’m sounding like a broken record here: estate planning is crucial, especially when it comes to continuation of a family farm.
(New Year’s Resolution Maybe?)
MERRY CHRISTMAS EVERYONE!
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Required Disclosure Pursuant to IRS Circular 230: Pursuant to requirements imposed by the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code; or (2) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.