Your parents need an estate plan. Well, actually, they have one, but their State wrote it! Now it"s their turn. Consult with estate attorneys to establish a plan that meets their needs and wants. We set up a trust for our six kids. Each has responsibilities and equal benefits. We had 3 sources of information and impacts, and all 3 came up with the same independent recommendations. An estate of your parent"s size definitely has tax issues. Ours is a revocable trust, so we have control over it as long as one of us is alive. All income is ours and all assets are in our control until they pass to the kids. Trust plan cost under 2 grand. Saves way more in taxes and personal relief, for us and the kids. Our accountant is a certified estate planner, not all of them are. Our plan was done by others.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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