Your parents need an estate plan. Well, actually, they have one, but their State wrote it! Now it"s their turn. Consult with estate attorneys to establish a plan that meets their needs and wants. We set up a trust for our six kids. Each has responsibilities and equal benefits. We had 3 sources of information and impacts, and all 3 came up with the same independent recommendations. An estate of your parent"s size definitely has tax issues. Ours is a revocable trust, so we have control over it as long as one of us is alive. All income is ours and all assets are in our control until they pass to the kids. Trust plan cost under 2 grand. Saves way more in taxes and personal relief, for us and the kids. Our accountant is a certified estate planner, not all of them are. Our plan was done by others.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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