As I sit here writing this post; the United States government is re-opening after a lengthy shutdown. One item that has been somewhat lost in the recent craziness is the expiration of the 2008 Farm Bill on October 1. What comes next is still very much up in the air. It is almost certain that if a new Farm Bill can be passed there will be changes to the various farm programs. With that in mind, it is a good time to be reminded that if you benefit from one of these programs, the requirements should be reviewed when forming a farm business entity. Failure to do so could significantly impact the amount of benefits available.

This week I am attending the LDS Philanthropies National Planned Giving Council's annual seminar. We have heard quite a bit about value based planning and unintended consequences. The idea, as I understand it anyway, is to plan our estates in ways that incorporate our true values into the plan and the unintended consequences if we do not. If we believe in the importance of self reliance, why would we want to have an estate plan that creates a disincentive for our heirs to work? If we believe in helping the poor and the needy, does our plan reflect this value?

One of the challenges each of us must overcome in estate planning or business succession planning is the problem of time. The problem with time is there is only so much of it. There is inevitability with time that cannot be escaped. Life will end. Our time leading a business will conclude. Yet, in our daily walk it can feel as if that day will definitely not be today or even tomorrow. Therefore, we put off to another day planning for that inevitability; betting that we will have more time.

In planning for the sale of your business, there are generally several options that exist for a business owner: a family member, a key employee, another owner, a third-party, or liquidation of assets. Each of these potential buyers comes with its own set of issues. In negotiating the sale to a third party, the business owner needs to be aware of these common deal killers that can ruin a potential sale.

“Good habits formed at youth make all the difference. “ - AristotleHave you seen the United States Golf Association’s recent advertising campaign to speed up play? The ads depict various famous golfers including Arnold Palmer and Tiger Woods in situations where slow play is being admonished by someone exclaiming: “While we’re young!”

Often there is confusion as to just what a Will or a Living Trust does. In today’s post I thought it would be helpful to review briefly the differences between these two planning documents.

In transferring the family business to the next generation there is no substitute for good communication. The lack of communication will derail even the best plans.

I will preface this post with the admission that I have never seen an episode of The Sopranos. Mr. Gandolfini may have been a great actor, but I was generally unaware. What I have seen is a tidal wave of articles since his death dissecting his estate planning and the alleged “mistakes” that were made. I had determined not to join the chorus as many of the alleged “mistakes” are based on presumptions which may or may not be accurate. I also thought; how many people reading this blog are likely to have estates purported to be worth nearly $100 million or anywhere near that amount. Do most of us really benefit from knowing about these alleged “mistakes.” But as I read another article recently it occurred to me there is actually something we can all learn from this untimely death and the sea of publicity surrounding his plan – the benefit of keeping things private.

Last year in this Blog I wrote about the efforts of Sen. Max Baucus (D-Mont.) to limit the ability of non-spouse beneficiaries of IRAs to stretch out withdrawals over their lifetime. Presently a non-spouse beneficiary can enjoy years, if not decades, of tax deferred or tax free growth on inherited IRAs (traditional or Roth). Last week, the Senate took up this cause again in relation to its efforts to fund the extension of low interest rates on student loans.

Earlier this week I was listening to a story on Utah Public Radio about the bipartisan Death Tax Repeal Act of 2013 that was introduced into both the House and Senate in June to repeal the federal estate tax, which is sometimes referred to as the death tax. This legislation comes in follow-up to the American Taxpayer Relief Act of 2012 that made permanent the individual estate tax exemption at $5 million (indexed for inflation, it is currently $5.25M per person). At the same time, President Obama’s 2014 Budget proposes reducing the individual exemption to $3.5 million.

I recently started reading again one of my favorite books, Zen and the Art of Motorcycle Maintenance: An Inquiry Into Values by Robert M. Pirsig. One of my favorite lines in the book is found near the beginning: “We want to make good time, but for us now this is measured with the emphasis on ‘good’ rather than ‘time’ and when you make that shift in emphasis the whole approach changes.”