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Blog

AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

• The Crying Need for Farm Transition Planning
• Tax Savings Series Part 8 - Indiana Inheritance Tax, or One More Reason to Move to Florida
• Tax Savings Series Part 7 - Don’t Pay Any More Than You Have to or How to Stick It to the (Tax) Man
• Tax Savings Series Part 6 - Gift and Estate Taxed or Bilked, Bamboozled, and Bushwhacked
• Tax Savings Series Part 5 - "Indiana Property Tax Reform or Indiana Property Tax Fiasco"

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AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

• A Penny Saved: Business Planning and Wealth Preservation for Farmers

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Why shouldnt I simply leave everything to my spouse and then upon my spouses death to be divided among my children?

A:

There are several potential problems to that estate plan. First, it may subject the estate to significantly more estate taxes. Secondly, it provides no guidance to the children concerning your ultimate wishes, and may therefore lead to unnecessary animosity between the children. Thirdly, it does not take advantage of many of the tools that are available to shield these assets from creditors, taxes, etc. In summary, it is better than nothing, but is a relatively unsophisticated method of estate planning.

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