Patrick G. Goetzinger is a partner in the Rapid City law firm Gunderson, Palmer, Nelson & Ashmore, LLP where he leads the firm's Business and Estate Planning Group and serves on the firm's Executive Committee. He practices in the areas of business and estate planning with a focus on family run businesses, affluent individuals, business transaction, and real property law.
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1. Patrick Goetzinger Presents HOT TOPICS Federal Estate Tax Mess in Congress & Recent Decisions Affecting Farmers & Ranchers
2. DISCLAIMER These materials and this presentation are intended to provide the seminar participants with guidance in these topics of law. The materials and speaker’s comments do not constitute, and should not be treated as legal advice regarding the use of any particular technique or the tax consequences associated with any such technique. Although every effort has been made to assure the accuracy of these materials and comments at the seminar, the speakers and Gunderson, Palmer, Nelson & Ashmore, LLP do not assume responsibility for any individual’s reliance on the written or oral information disseminated during the seminar. Each seminar participant should independently verify all statements made in the materials and at the seminar before applying them to a particular fact situation, and should independently determine all risks and consequences of using any particular technique before recommending that technique.
3. Rawhide TrustThe Ultimate Retirement Plan for Farmers & Ranchers Is it Possible… To sell livestock & crops tax-free Build a retirement fund beyond the reach of Death tax Receive a current charitable deduction to offset other income Receive an income stream for the life of both spouses Defer taking income until you need it Make a substantial gift to charity and; Do all this without going to jail?
4. Yes, it is possible… Form a NIMCRUT Before going to market transfer a portion of crop or livestock via deed of gift to a NIMCRUT (paper trail is important) Sales proceeds go directly to NIMCRUT tax free Donor receives charitable deduction for a portion of cost basis in livestock/crop because it is an ordinary income asset Let the principal compound because of the NIMCRUT feature
5. Patrick Goetzinger Attorney at Law Gunderson, Palmer, Nelson & Ashmore, LLP (605) 342-1078 www.gundersonpalmer.com Patrick G. Goetzinger is a partner in the Rapid City law firm Gunderson, Palmer, Nelson & Ashmore, LLP where he leads the firm's Business and Estate Planning Group and serves on the firm's Executive Committee. He practices in the areas of business and estate planning with a focus on family run businesses, affluent individuals, business transaction, and real property law. If you would like more information about this presentation or other topics, please call Pat at 605-342-1078. Thank you.