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!
________________________
Disclaimer: The information contained in this publication provides a general overview on various topics and is strictly for informational purposes only. The reader should consult a qualified professional for advice based on his/her specific circumstances. AgCountry Farm Credit Services and the writer of this blog make no representations as to the accuracy or completeness of any information on this site or found by following any link on this site, and shall not be liable for any errors or omissions herein or for any losses or damages resulting from the display or use of this information.
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.
