Succession Planning for Family Farms

For farming families, the farm is a major asset and a source of income; a legacy from previous generations, and an inheritance for future ones. But many families fail to put in place adequate farm succession planning and asset protection, which can j… Read More

Top 5 Most Common Family Farm Estate Planning Mistakes

Estate planning is important for all adults, regardless of assets. That said, certain situations call for more specialized planning than others; family farm estate planning is definitely one of those. A family farm is a source of income, a significan… Read More

Meet Andrew: Attorney with Extensive Estate Planning and Medicaid Planning Knowledge

By Andrew White, JD No one likes to think about losing a loved one. But when the unthinkable happens, you need people you can lean on and trust to help you make difficult decisions and move forward. I became an attorney because I wanted to be that pe… Read More

What's The Difference Between A Will Vs. A Trust?

In this video Ted Gudorf of Gudorf Law Group, LLC will walk you through the difference between a will and trust. A will is a document that directs what happens to your property after you die; it also names an executor who is responsible for carrying… Read More

House Ways and Means Committee Unveils Tax Proposal

Regular readers of this blog know that we have been on the lookout for tax changes on the horizon since the beginning of the current presidential administration. Reading the tea leaves of campaign promises and statements to the press, we have counsel… Read More

How to Choose a Long-Term Care Facility

By Ted Gudorf, JD, LLM Choosing a long-term care facility that is right for yourself or a loved one is an important decision based on many different moving parts and variables. As such, it is critical to assess this choice as objectively as possible… Read More

Using an Irrevocable Life Insurance Trust (ILIT) to Reduce Estate Tax

Over the past few months in this space, we’ve been exploring possible changes to the estate tax under the Biden administration—and measures to minimize your tax burden. The discussion has included an alphabet soup of options including SLATs, DAPT… Read More

Valuation Discounts in Estate Planning: Are They Right for Your Business?

“The whole is greater than the sum of its parts.” This well-known saying is the reasoning behind valuation discounts, a tool that can be used to reduce the value of a business interest for transfer tax purposes, including estate tax, gift tax, an… Read More

Testamentary Charitable Remainder Trusts

Many people have expressed concern about possible changes to the federal estate and transfer tax, as tax changes frequently accompany a new presidential administration. Therefore, it is always a good idea to be aware of tax planning strategies such a… Read More

Using GRATs and IDGTs for Estate Planning

In our continuing series of blog posts on planning for possible tax changes under the Biden administration, we would be remiss if we did not take some time to discuss grantor retained annuity trusts (GRATs) and intentionally defective grantor trusts… Read More

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