Potato Grower

January 2022

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WWW.POTATOGROWER.COM 93 CHROME ALLOY WEAR PARTS America's leading farmers insist on genuine . . . R & H Machine . 115 Roedel Ave . Caldwell, ID . 1-800-321-6568 If abrasive wear is your problem ~ ~ ~ R & H Machine has your answer! R & H manufactures wear resistant parts for planting, fertilizing, cultivating,ripping, and harvesting. Our Chrome Alloy replacement parts will wear smooth, save downtime, use less fuel and last longer resulting in a lower cost per acre. Setting the Standard for Wear! ** See all our parts online at www.rhmachine.com ** 4096-5R&HMachine13s.indd 1 4096-5R&HMachine13s.indd 1 11/8/21 8:52 AM 11/8/21 8:52 AM 208.970.0091 The Best Value In The Industry www.fortehumidifiers.com 208.970.0091 The Best Value In The Industry www.fortehumidifiers.com 4092-12GroupAgForte13s.indd 1 4092-12GroupAgForte13s.indd 1 8/2/21 9:07 AM 8/2/21 9:07 AM mentioned earlier can potentially be reduced, frozen so it doesn't get worse, or even eliminated altogether with tried-and-true techniques. Defending your family legacy from unnecessary tax requires action, and you have a window to capture this opportunity. In many situations, losing the opportunity will mean losing the family farm. If I told you that someone is coming to take $4.8 million from your family, what exactly would they be taking away? Land? Equipment? Buildings? A business? Would your legacy survive that loss? Doing nothing means standing by and letting this happen. Given all of the uncertainty, and the severity of what is at stake, here are six things you can do right now that will move you closer to preserving your legacy, both in terms of assets and relationships by being proactive and helping you avoid becoming a burden on others. 6. Compare your ideal estate distribution to your current estate distribution: What percentage or dollar amount is going to family, charity, the IRS, legal fees and other recipients? How much do you want to go to each? 5. Schedule a second opinion with an estate planning professional to avoid accidental disinheritance (There are eight ways to disinherit. Tax is one, but it's not the worst offender.) Have a "plain English" discussion. Debrief current legal documents. Design or redesign your estate plan as necessary, and review your implementation process. 4. Review other key areas. Ensure healthcare wishes are documented and up to date. Make sure all parties know and understand current roles and responsibilities, e.g., trustees, executor, power of attorney, operations manager, business manager and partners. 3. Build and maintain a comprehensive balance sheet that outlines both asset titling and beneficiaries. 2. Conf irm your life insurance is in good order. Review rates, policy health and tax efficiency, and be aware of available alternatives. 1. Create a "Need to Know" file for your surviving family members. PG

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