I spent this past Saturday as a presenter at a workshop for farmers and ranchers put on by Utah State University Extension. As I was able to observe participants engaging in exercises meant to foster discussion about the succession process, I was reminded again that there is no substitute for communication and there is no substitute for engaging in the process. The following is a brief checklist meant to help you move through the planning process.

This month marks eight years since a pivotal event in my life. I was 36 years old, I had a wonderful wife and four young children. the youngest was just a few months old. I got up and went work just like normal that morning. The same as so many other days before. But this day proved different.

Last week I discussed some of the pros and cons of Portability, the federal law recently made permanent, which allows the surviving spouse to carry over the unused portion of the deceased spouse’s estate tax exemption amount. My conclusion was that while Portability is a good back-up plan, for a variety of reasons it should not be the first line of defense against estate taxes. I continue to believe that the first and best choice in planning to preserve both spouses’ estate tax exemption remains a properly drafted credit shelter trust.

Starting with deaths that occurred in 2011, a surviving spouse can carry over the unused portion of the estate tax exemption of the deceased spouse. This is known as Portability. While Portability was originally only applicable if both spouses passed away in either 2011 or 2012, with the passage of the American Taxpayer Relief Act on January 2, it was made permanent (which really means that it is no longer scheduled to expire). So the question now is whether or not to rely on Portability as your sole estate tax planning tool. To answer that question, I think it is important to look at the Pros and the Cons of such a strategy.

As I am preparing for a presentation on succession planning for farms and ranches, I am reminded again about the importance of communication. Whether it is planning an estate for a family or planning for the succession of the business, there truly is no substitute for good communication. I find that even if a child disagrees with how Mom and Dad have set up their estate plan, that child is much more likely to accept the plan if it has been communicated to them by Mom and Dad, while they are still of sound mind. This results in greater family harmony and a decrease in the likelihood of litigation.

It’s that time year again, FacesOfLawsuitAbuse.org has announced the top ten most ridiculous lawsuits of the previous year, as voted by site visitors. Here is their top ten list of the most ridiculous lawsuits of 2012.

Lake Superior State University recently released its “2013 List of Banished Words” and the phrase receiving the most votes was “fiscal cliff.” I would probably join most of you in agreeing that if anyone else “doubles down” on the folks in Washington D.C. “kicking the can down the road” on the “fiscal cliff” again I might just scream.

Time is running short to take advantage of tax free IRA transfers to charity for 2012. The American Taxpayer Relief Act of 2012 enacted on January 2, 2013 extended the authorization of qualified charitable distributions (QCD) from IRAs for 2012 and 2013. IRA owners aged 70½ or older can have otherwise taxable distributions of up to $100,000 paid directly to an eligible charitable organization. A QCD can be made to satisfy any required minimum distributions for the year.

In the classic Dickens’ tale A Christmas Carol, upon hearing the ghost of his old partner Marley lament his miserable fate, the yet unchanged Scrooge says: “But you were always a good man of business, Jacob . . . .” To which Marley’s ghost cried: “Business! Mankind was my business. The common welfare was my business; charity, mercy, forbearance, and benevolence, were, all, my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!”

Some thoughts from my presentations at the IFA Crop College last week in Logan, Payson, and Vernal, Utah. By definition, succession planning is a process of decision making that protects the ongoing viability of the agricultural operation, provides for the orderly transition of the agricultural operation to new ownership, and preserves family harmony. In order to accomplish these three goals for your farm or ranch business, it is essential to answer these 15 fundamental questions:

I am spending several days this week speaking at the IFA Crop College being held in Logan, Payson and Vernal, Utah. As part of that presentation I am discussing the impending “fiscal cliff” and how it impacts the “estate” or “death” tax.

This week I just wanted to take a moment and express my gratitude to all those who make it possible for Hallock & Hallock to thrive. I am so grateful to each and every one of our Clients who are all truly amazing.

I watched a story the other day on ABC News about what they referred to as “The Conversation.” The “conversation” they are referring to is the one about end-of-life care. According to the story, simply having this conversation with your family about what your end-of-life wishes are will dramatically reduce the likelihood of post-death depression in your family members. I concur in the implications of the story. Terminating a loved one’s life support is probably the most difficult decision a family will have to make.

You reap what you sow. Through experience or otherwise, we all learn this immutable law of the harvest from an early age. As I travel around Cache Valley right now the evidence is everywhere that as winter approaches, the local farmers have already begun preparation for next year. We know that we cannot grow an apple tree by planting corn. We also know that planting the seed by itself is not enough. There is a process that must be followed.