I recently coached a farm family who found an older will years after the father’s passing. This created huge conflict when the family realized that Dad had changed his original intentions. Are folks allowed to change their plans? Yes. The problem is when dead people’s wishes keep fueling the fire of conflict for those beneficiaries who have made financial decisions based on the current reality of the legal will presented...
 

Prepaying expenses is one of the most common tax management practices that we see­–it is also an area that is scrutinized by the IRS during audits. Thus, what follows is a review of the rules regarding prepaid expenses.There are three conditions that must be met in order for a cash basis taxpayer to claim a deduction in the year the prepayment is made...

As we approach the end of another year, we thought it would be a good time to talk about some year-end tax planning strategies. Of course, having up-to-date records is essential for the tax planning process. If you discover that you might end up with a large tax liability, there are a few things you can do before the year is over...

Dairy producers have always carefully managed costs. However, as price takers, most dairy producers have had limited options managing price risk. The new Dairy Revenue Protection (DRP) program gives producers the ability to change that...




Siblings farming together can make for many different, interesting, and somewhat challenging dynamics, especially if one of them is a brother. Here are some of the most common issues that can arise with farming brothers and how founding farmers and siblings can handle them...
 

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