TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Comparisons of estate tax consequences upon the first and second death.
• Examples of estate tax implications for married couples, widows, individuals, trusts established upon first death, and second marriages.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• History of the federal estate tax.
• Federal vs State estate tax.
• Estate Tax vs Gift Tax.
• Current estate tax limits.

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS: 

•  How probate works.
•  Typical costs of the probate process.
•  What happens when you own real estate in two or more states.

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS: 

•  How capital gains tax applies to farm assets.
•  Current federal capital gain tax rate.
•  Stepped up basis.

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS:  

• Overview of Inheritance tax vs. estate tax.
•  Understanding when an inheritance tax might apply.
•  Assets classes that are not subject to an inheritance tax.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• How a will works.
•  Role of the personal representatives (executor, trustees, guardians, etc.)
•  Asset classes that do not go through a will

TOPICS COVERED IN VIDEO FOR GROW MEMBERS:  

• Purpose of a revocable trust.
•  What a revocable trust does and does not do.
•  The pitfalls of not coordinating your revocable trust with your asset ownership and beneficiary designations.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Advantages of a planning will vs. a simple will
• Pro’s and Con’s of a planning will vs. a revocable trust.
• Why you might want to consider a trust set up after first death even if you don’t have estate tax concerns.
• Cost basis adjustment at the first vs. second death.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• White board example of how a revocable trust works.
• Pro’s and con’s of a revocable trust vs. a planning will.
• Why you might want to consider retaining assets in trust after the first death even if there isn’t an estate tax concern.
• Cost basis adjustment at first vs. second death.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• A side-by-side comparison illustrating the pros and cons of each strategy.
• Differences of who has control while living, incapacitation, and after death.
• Impacts of probate under a will vs a revocable trust.
• Key steps that often get overlooked when considering a revocable trust over a will.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS:

• What “Portability” means, and why it is such a powerful planning option
• How Portability has completely changed traditional estate planning methods
• The four risks of passing all assets to the surviving spouse
• How to avoid missing out on the ability to “port” the federal credit between spouses

TOPICS COVERED IN VIDEO FOR GROW MEMBERS:

• How an irrevocable trust works.
• Why and when to use it in an estate strategy.
• Pro’s and Con’s to using an irrevocable trust.
• How to avoid the most common mistakes of an irrevocable trust in coordinating your farm succession strategies.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• How a financial power of attorney works.
• Assets that are covered under a financial power of attorney, and those that are not.
• Responsibilities of the named agent.
• Key considerations for farm management within your power of attorney.

TOPICS COVERED IN THIS VIDEO FOR GROW MEMBERS:  

• Understand the differences between ownership methods.
• Pro’s and con’s of each method of ownership.
• Learn the impact of estate distribution under each method.  
• How to coordinate ownership with your estate and farm succession strategies.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Why coordinating trust ownership is so importantt.
• Simple examples of what to own inside your revocable trust.
• What assets can be owned outside your revocable trust.
• How to get around revocable trust ownership on certain assets.
• Why you may want to set up your trust as a beneficiary of non-trust assets.

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS:  

• Learn the different way to own a life insurance policy (individual, spouse, kids, trust, entity, etc.).
• Review the pro’s and con’s of each ownership method.
• Why cross-ownership between spouses is not really necessary.
• The insured/owner/beneficiary combination you definitely want to avoid!
• How to coordinate ownership & beneficiaries to fit your estate and farm succession strategy.

TOPICS COVERED IN THIS VIDEO FOR GROW MEMBERS: 

• Defining what an LLC is and what it can do.
• Why you might consider an LLC in your plan.
• What assets should go into an LLC.
• Designing the exit strategy for your LLC.
• Coordinating an LLC with your farm succession strategy.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• What Special Use Valuation (Section 2032a) is and why it came to be.
• How to set yourself up to qualify for Special Use Valuation.
• How to calculate Special Use Valuation
• Sample illustration of Special Use Valuation used in an estate reduction.

TOPICS COVERED IN VIDEO FOR GROW MEMBERS: 

• Annual gifting limits
• When to apply a 709 gift tax return
• Lifetime exclusion amount
• Pro’s and con’s to gifting while living to reduce an estate

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS: 

• Learn the asset classes that are most effective to own outside of your estate to reduce potential estate tax liability.
• Pro’s and con’s of owning assets out of your estate.
• How to avoid some of the pitfalls of owning assets outside of your estate.

TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS: 

• Understand the different methods for discounting estate assets.
• Why discounted valuations of some assets are allowed.
• Why/How discounts were challenged in the past.
• How to incorporate discounted valuations to your estate or gifting strategies.