I posted an article a few weeks ago talking about estate planning and the personal responses I got back were great. There's no doubt in my mind that this is one of the most difficult things that farming and ranching families have to deal with. It's also one of those things that an expert must be used to complete. Finding that expert to guide your family along the estate planning path is hard.
Stacy and I have found that expert and have developed a partnership with him to help bring the best estate planning tool to you. Randy McKee, is a nationally recognized expert on guiding farming and ranching families through this difficult process. He's South Dakota born and raised, has a passion for agriculture and mostly, he has a passion for helping families in agriculture.
Because of the interest that so many of you have, including me, on this topic Randy has graciously scheduled a free webinar to talk about some of the sucessful strategies he's developed for families to use. Everything from dealing with family relationships (good and bad) to learning the pieces of an estate plan will be discussed.
Please take advantage of this unique opportunity. All the details on how to register for this free webinar are posted below.
Your friend in ag,
Troy
A quality estate plan can literally save your place (farm) from negatives such as estate taxes, family fights, legal losses and uninsured losses.
During this short, 45-minute seminar you will learn why it is so important to take care of estate planning. We will also introduce the most effective tool available today - specifically designed to educate and motivate farm and ranch families to get that estate planning work completed. This is the national webinar premier for this program and you are sure to learn some valuable strategies and enjoy the content.
Title: "Persuading The In-Charge Generation To Do Estate Planning"
Date: Thursday, January 13, 2011
The webinar will be offered at: 8:00 PM - 9:00 PM EST and 8:00 PM - 9:00 PM MST
Register now by clicking the link below:
https://www1.gotomeeting.com/register/983080825
After registering you will receive a confirmation email containing information about joining the Webinar.
Showing posts with label estate taxes. Show all posts
Showing posts with label estate taxes. Show all posts
Saturday, January 8, 2011
Friday, December 17, 2010
Estate Planner in a Box
Randy McKee: Estate planning in a box
By Amanda Radke, TSLN
“It used to be what separated people was between have and have nots; but today, it's more split between who is informed and who is ignorant,” said Randy McKee, of McKee Companies, at the South Dakota Cattlemen's Association (SDCA) 62nd Annual Trade Show and Convention in Aberdeen, SD on Dec. 1, 2010.
McKee is a nationally-recognized estate planner, who developed “Estate Planner In A Box,” an easy-to-understand course designed to teach families how to put together an estate plan for an agriculture business. At the convention, he offered his advice on what farm and ranch families should think about as they prepare for the uncertainties of tomorrow.
“Estate planning can't wait,” said McKee. “There are three solid ways to eliminate federal estate taxes; if you pay even one penny for your estate, it's voluntary now. We can help you eliminate or reduce the costs for your heirs.”
McKee noted that while there are so many factors in the agriculture sector that can't be controlled, such as prices and the weather, there is one thing producers can have control on – the future of their family business.
“Our product teaches you how to gain control,” said McKee. “You don't want a judge determining the outcome of your operation. We can help you get on track to making those big decisions in your estate plan.”
Read More
Most of the time you hear me focusing on issues like animal rights and food production. There's no doubt that retaining the social license to produce food in this country is one of our biggest challenges. But the other one that I see as a threat is the complicated process of passing a farm or ranch to the next generation. Too many times this process doesn't seem to work out like everyone had hoped or else the task seemed so daunting that no estate plan was ever put in place. Estate Planner in a Box is by the far the best program I have ever found for dealing with this difficult subject. Many times the hardest part of estate planning is just getting started. That's exactly what this helps you do. Randy is a nationally respected expert on estate planning, but maybe even more importantly, he's a ranch kid from South Dakota. Agriculture is something that is near and dear to him and he has helped many families plan for their future.
By Amanda Radke, TSLN
“It used to be what separated people was between have and have nots; but today, it's more split between who is informed and who is ignorant,” said Randy McKee, of McKee Companies, at the South Dakota Cattlemen's Association (SDCA) 62nd Annual Trade Show and Convention in Aberdeen, SD on Dec. 1, 2010.
McKee is a nationally-recognized estate planner, who developed “Estate Planner In A Box,” an easy-to-understand course designed to teach families how to put together an estate plan for an agriculture business. At the convention, he offered his advice on what farm and ranch families should think about as they prepare for the uncertainties of tomorrow.
“Estate planning can't wait,” said McKee. “There are three solid ways to eliminate federal estate taxes; if you pay even one penny for your estate, it's voluntary now. We can help you eliminate or reduce the costs for your heirs.”
McKee noted that while there are so many factors in the agriculture sector that can't be controlled, such as prices and the weather, there is one thing producers can have control on – the future of their family business.
“Our product teaches you how to gain control,” said McKee. “You don't want a judge determining the outcome of your operation. We can help you get on track to making those big decisions in your estate plan.”
Read More
Most of the time you hear me focusing on issues like animal rights and food production. There's no doubt that retaining the social license to produce food in this country is one of our biggest challenges. But the other one that I see as a threat is the complicated process of passing a farm or ranch to the next generation. Too many times this process doesn't seem to work out like everyone had hoped or else the task seemed so daunting that no estate plan was ever put in place. Estate Planner in a Box is by the far the best program I have ever found for dealing with this difficult subject. Many times the hardest part of estate planning is just getting started. That's exactly what this helps you do. Randy is a nationally respected expert on estate planning, but maybe even more importantly, he's a ranch kid from South Dakota. Agriculture is something that is near and dear to him and he has helped many families plan for their future.
Thursday, November 5, 2009
The Estate Tax Relief Act, HR 3905
Cattle raisers urge Congress to pass estate tax reform
The Cherokeean
Nov 4, 2009
FORT WORTH, TEXAS - The Texas and Southwestern Cattle Raisers Association (TSCRA) sent letters to members of Congress this week urging them to pass H.R. 3905, the Estate Tax Relief Act of 2009. This legislation would provide relief in the tax code from the estate tax, also known as the "death tax", for Texas ranchers, property owners and small business owners. Over a 10-year period, H.R. 3905 would increase the estate tax exemption to $5 million while decreasing the tax rate from 55 percent to 35 percent.
TSCRA Legislative and Tax Committee Chairman Arthur Uhl, a rancher and attorney from San Antonio, Texas, testified in Washington, D.C., today before the House Committee on Small Business on behalf of the legislation. Uhl also chairs the National Cattlemen's Beef Association's (NCBA) Tax and Credit Policy Committee.
"Tax policy is a key factor impacting American cattle producers, particularly in today's difficult business climate. In an industry where financial returns are historically small, we depend upon the ability to pass on a farm or ranch to the next generation without exhausting resources for arduous planning, or being forced to break apart economically viable operations," Uhl said.
Read More
The death tax has killed many family owned businesses, especially in agriculture. Farming and ranching are very capital intense which makes them an unfair target of the death tax. In order to keep farming and ranching families on the land, it needs to be changed. We have been dealing with issue for too many years but we need to keep working on it. Please contact your Senators and Representative and let them know how badly the estate tax needs to be reformed.
The Cherokeean
Nov 4, 2009
FORT WORTH, TEXAS - The Texas and Southwestern Cattle Raisers Association (TSCRA) sent letters to members of Congress this week urging them to pass H.R. 3905, the Estate Tax Relief Act of 2009. This legislation would provide relief in the tax code from the estate tax, also known as the "death tax", for Texas ranchers, property owners and small business owners. Over a 10-year period, H.R. 3905 would increase the estate tax exemption to $5 million while decreasing the tax rate from 55 percent to 35 percent.
TSCRA Legislative and Tax Committee Chairman Arthur Uhl, a rancher and attorney from San Antonio, Texas, testified in Washington, D.C., today before the House Committee on Small Business on behalf of the legislation. Uhl also chairs the National Cattlemen's Beef Association's (NCBA) Tax and Credit Policy Committee.
"Tax policy is a key factor impacting American cattle producers, particularly in today's difficult business climate. In an industry where financial returns are historically small, we depend upon the ability to pass on a farm or ranch to the next generation without exhausting resources for arduous planning, or being forced to break apart economically viable operations," Uhl said.
Read More
The death tax has killed many family owned businesses, especially in agriculture. Farming and ranching are very capital intense which makes them an unfair target of the death tax. In order to keep farming and ranching families on the land, it needs to be changed. We have been dealing with issue for too many years but we need to keep working on it. Please contact your Senators and Representative and let them know how badly the estate tax needs to be reformed.
Wednesday, September 16, 2009
Why The Death Tax Needs To Die
Bill would ax estate tax for agriculture
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
Read More
There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Business-involvement stipulation for heir raises some concerns
By TIM HEARDEN
Capital Press
Farmers and ranchers are supporting a bill in Congress that would exempt certain land from the federal estate tax as long as the property is kept in agriculture.
The bill by U.S. Reps. Mike Thompson, D-Calif., and John Salazar, D-Colo., would deduct from the estate tax the value of farmland in cases where the heir had been involved in the farm operation for five of the past eight years.
The idea pleases ranchers such as California cattle producer Kevin Kester, whose family had to pay $2 million over 10 years to the Internal Revenue Service after his grandfather died in 1993.
"We struggled, and the net result over 10 years was we were not able to invest and reinvest in the ranch or have the employees that we should have," said Kester, who runs cows and grows winegrapes on 22,000 acres near Paso Robles.
Currently, under a tax-relief bill signed by then-President George W. Bush, estates valued at more than $3.5 million, or $7 million for a couple, are taxed at a 45 percent rate. If Congress doesn't act, the rate is set to revert in 2011 to 55 percent on estates worth $1 million or more.
Read More
There is nothing good that comes out of the death tax. It destroys family owned businesses and the jobs they provided. It hits farming and ranching families especially hard. Agriculture is a very capital intensive business which can be valued quite high because of the land involved, yet comes no where close to generating the income required to pay the taxes. In those instances, families are forced to sell part of their farm just to pay the taxes. This type of tax costs our society more than it generates. Do your part and contact your Congressional delegation. Follow the links below to send a message.
If you live in California, use this link:http://bit.ly/1Xj8p
If you live outside of California use this link:http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Monday, September 14, 2009
Please Support H.R. 3524
In a capital intensive business like farming and ranching, estate taxes can be devastating to a family that is trying to pass their farm to the next generation. Please contact your Congressional representatives and let them know that you support H.R. 3524. The links below will help you do just that. Taking a few minutes today to do this might just keep a family farm in business.
-Troy
Please take a moment to support family farmers and ranchers by telling your story or showing your support for H.R. 3524 the Family Farm Preservation Estate Tax Act (Mike Thompson, D-CA).
Take action to urge your Congressional Representative to sign on as a cosponsor of H.R. 3524. Please do this by clicking one of the links below. That link will provide you with an opportunity to write your own story or send a form letter to your congressman.
This legislation improves the business climate while ensuring farms and ranches can be passed on to future generations. If passed, H.R. 3524 will:
* Exempt farm and ranch assets from federal estate taxes as long as the operation remains as a family agricultural operation.
* Exclude land enrolled in a qualified conservation easement from federal estate taxes.
Considering the tax-reform legislation that was approved in 2001 will phase out the estate tax entirely in 2010, Congress will likely be taking up this item this fall.
Your personal stories are needed to help lawmakers understand how farming and ranching operations differ from other businesses. Help keep farming operations viable, urge your Representative to sign on as a cosponsor of H.R. 3524.
If you live in California, use this link:
http://bit.ly/1Xj8p
If you live outside of California use this link:
http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Thanks for your attention and please pass this on to any farmer or farm supporter you know.
-Troy
Please take a moment to support family farmers and ranchers by telling your story or showing your support for H.R. 3524 the Family Farm Preservation Estate Tax Act (Mike Thompson, D-CA).
Take action to urge your Congressional Representative to sign on as a cosponsor of H.R. 3524. Please do this by clicking one of the links below. That link will provide you with an opportunity to write your own story or send a form letter to your congressman.
This legislation improves the business climate while ensuring farms and ranches can be passed on to future generations. If passed, H.R. 3524 will:
* Exempt farm and ranch assets from federal estate taxes as long as the operation remains as a family agricultural operation.
* Exclude land enrolled in a qualified conservation easement from federal estate taxes.
Considering the tax-reform legislation that was approved in 2001 will phase out the estate tax entirely in 2010, Congress will likely be taking up this item this fall.
Your personal stories are needed to help lawmakers understand how farming and ranching operations differ from other businesses. Help keep farming operations viable, urge your Representative to sign on as a cosponsor of H.R. 3524.
If you live in California, use this link:
http://bit.ly/1Xj8p
If you live outside of California use this link:
http://www.capwiz.com/cfbf/issues/alert/?alertid=14009876&type=cu
Thanks for your attention and please pass this on to any farmer or farm supporter you know.
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