Author	[Modern View]
ss55 12-12-2012 10:10:45 173.31.19.80 Report to Moderator	Most farming families get hit by estate taxes when grampa refuses to deal with it and he leaves it to the kids figure things out after he dies. Then it's too late to do anything about it. Estate planning, a realistic plan for transfer of ownership in stages and some tax planning will still still elliminate most if not all inheritance taxes for even large farms and businesses. Sorry, but the article is mostly just political fear mongering. [Reply]   [No Email]
8Nr--WI 12-12-2012 10:34:00 75.9.168.167 Report to Moderator	Re: Death and Taxes. in reply to ss55, 12-12-2012 10:10:45   Very True----"Most farming families get hit by estate taxes when grampa refuses to deal with it and he leaves it to the kids figure things out after he dies. Then it's too late to do anything about it." Your statement just described the transferance plan in place for most folks....the tax collector loves it...death and taxes is a must have conversation that seldom takes place within the family circle... Tim [Reply]  [No Email]
Mike (WA) 12-12-2012 10:28:30 69.10.199.107 Report to Moderator	Re: Death and Taxes. in reply to ss55, 12-12-2012 10:10:45   The article was factual, and maybe the purpose was some "fear mongering", to get folks to start doing some rational estate planning. We've gotten lax over the past 10 years or so, because the exemption was high enough so that most didn't have to worry about it. But with exemption dropping back to one million after the first of the year (and I think it will, regardless of whether the fiscal cliff is avoided- its just too tempting to the politicians in their never-ending quest for $$$), those who will be affected really need to plan- NOW! And somebody else hit upon a problem in the estate planning area- every time someone comes up with an innovative strategy, Congress closes the "loophole", and its back to the ole drawing board. That's why malpractice insurance is much higher for a lawyer with an estate planning practice- Lets see: Lots of money at risk, constantly changing laws, and if you screw up, your former client probably has a deep pocket to sue you. What could possibly go wrong? LOL [Reply]  [No Email]