Legacy Planning

Make Sure to Coordinate Estate Documents with Ag Laws

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May 8th, 2013

At the Northwest Ag Bankers conference yesterday Corey Brock a local attorney spoke on various issues related to estate and tax planning for farmers. In most parts of the Columbia Basin water project a farmer is limited to owning 960 acres. If you go over this limit certain penalties will apply including possible loss of […]

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Don’t Forget Your Retirement Plan

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April 28th, 2013

I was talking with a new farm client the other day about his estate plan and what struck me the most was not how much farm land value he had accumulated but rather the amount he had tucked away into his retirement plans. This amount was over 6 figures and he had only been contributing […]

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Here We Go Again!

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April 10th, 2013

It seems like it was only three months ago that we had a new law making the lifetime estate tax exemption $5.0 million indexed to inflation ($5.25 million in 2013).  Wait! It was only three months ago. President Obama today release a 2014 budget proposal calling for changes to this “permanent” law.  Beginning in 2018, the […]

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When It Pays to Increase Your Earnings

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March 10th, 2013

We get this question from farmers approaching retirement age a lot: “I have had very low income for most of my career and should I try to maximize my income as I approach retirement to increase my social security benefits” Chris Hesse, who is one of my partners at CliftonLarsonAllen, LLP had provided me with […]

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Is a Dynasty Trust Right For You?

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February 18th, 2013

A common question that arises in our meetings with clients is about making sure that the farm remains in the family for multiple generations.  One option for accomplishing this is the use of a Dynasty Trust.  Many states such as South Dakota, Delaware and Alaska allow for trusts that are either perpetual or last for […]

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Capital Gains Tax On Inherited Property

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February 7th, 2013

We got this question from one of our readers: “My wife received about 160 acres when her mother passed away 3 years ago in a trust, which came from her grandfather who left it to her mom in trust.  We were told that we will have to pay capital gains tax on what the value of […]

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Why Imputed Interest Matters For 2013 (And Beyond)

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January 23rd, 2013

Any time a farmer loans money to a corporation that they own (or vice versus), the income tax laws require these loans to bear interest.  If the loans do not bear interest, then the law requires the farmer to calculate an “imputed” interest amount based upon the applicable federal rates published by the IRS each […]

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Up to Ten Capital Gains Tax Rates for 2013!

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January 6th, 2013

After reviewing the various phase-outs of itemized deductions and personal exemptions based upon gross income plus the implementation of the new 3.8% investment surtax, for 2013 there now at least 10 different possbile maximum long-term capital gains and qualifying dividends tax rates.  The rates range from zero for that portion in the 10-15% tax bracket […]

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Help! What Is My Capital Gains Tax Rate?!

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January 2nd, 2013

We are continuing to digest the new tax bill (assuming President Obama signs it today).  One of the unique features in this tax bill is, that for many taxpayers, they will not accurately know their capital gains (or qualified dividends) tax rate until they prepare their tax return. In brief, we know the following for […]

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Some Major Tax “Goodies” in Senate Bill For Farmers!

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January 1st, 2013

The Senate in the early morning hours of January 1, 2013 passed a bill to avert the “Fiscal Cliff”.  This bill is now headed to the House and it may be passed, not passed or amended and passed back to the Senate for further agreement. Assuming that the Bill is passed as is, there are […]

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