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NPC NEWS
Lucas Schroeder and Nicola Carey represent Wisconsin in D.C. for 2023
The Potato Leadership, Education, and Advancement Foundation (Potato LEAF) is pleased to announce the 2023 class of the Potato Industry Leadership Institute (PILI). Over a 10-day program, PILI participants will receive an overview of the local and national potato industry, including some of the challenges and issues beyond the production sector, along with tours of local agricultural businesses while traveling through New York, Pennsylvania, and Washington, D.C. Additionally, participants will hear from public policy and communications experts and practice how to effectively deliver key messages. Finally, the class will join other growers from their state to educate members of Congress on U.S. potato industry policy priorities. The 2023 Potato Industry Leadership Institute class includes: • Thomas Baker, Bakersfield, CA • Chelsea Gray, Denver, CO • Trey Jones, Blanca, CO • Kelci Martinez, Monte Vista, CO • Brogan Darrington, Declo, ID • Dalan Lerwill, Albion, ID • Luke Radford, Rupert, ID • Danny Deprey, Mars Hill, ME • Kenneth Irving, Caribou, ME • Eric Makarewicz, Elmira, MI • Ryan Pelletier, McMillan, MI • Aaron Groves, Jackson, MO • Ben De Jonge, Manhattan, MT • Nick Desautel, Grafton, ND • Cole Vculek, Crete, ND • James Farris, Culver, OR • Bryan Bender, Chambersburg, PA • John Scheuring, Dalhard, TX • Tressa Radach, Moses Lake, WA • Chad Sullivan, Pasco, WA • Paul Yamane, Moses Lake, WA • Nicola Carey, Bancroft, WI • Lucas Schroeder, Antigo, WI Mike Phillips of Walther Farms in Three Rivers, Michigan, a 2022 graduate of the program and the Grower Leader for the 2023 class, shares, “It’s easy to get laser focused on your local industry and company. The program allowed me to see the bigger picture and meet some amazing current and future potato industry leaders.” “Networking during our travels from coast to coast,” Phillips adds, “touring multiple operations, professional business training, and educating Capitol Hill on the industry sums up the experience of a lifetime!” Potato LEAF, a 501(c)3 organization, works to provide tools, training, and support necessary to develop growers and industry members as leaders. As part of its mission to encourage and train future leaders, the organization seeks to support graduate-level researchers driving innovation within the potato industry. To learn more, visit https://pleaf.org.
Nicola Carey (left) of Bancroft, Wisconsin, and Lucas Schroeder (right), Antigo, will represent Wisconsin in New York, Pennsylvania, and Washington, D.C. as part of the Potato Industry Leadership Institute class of 2023. Carey is a member of Wysocki Family of Companies, and Schroeder works for Schroeder Brothers Farms, Inc.
Celebrity Chefs to Participate in Potato Expo Cook-Off
When celebrity chef Simon Majumdar tweeted a photo of his Potato Expo 2022 cooking demonstration last January, fellow chef Duff Goldman bemoaned missing the show. “WHY DIDN’T I KNOW THERE WAS SOMETHING CALLED ‘THE POTATO EXPO’?!?,” the Food Network personality asked in a retweet. Emmy Award-winning host of Food Network television shows “Chopped” and “Chopped Junior,” Ted Allen also jumped in to echo Goldman’s regret, posting his reply about his love of America’s number one vegetable: “The potato is a miracle product — as much a miracle as are eggs.” After an offline discussion, the food personalities resolved to remedy their previous Potato Expo absences by taking the 2023 event by storm in a chef cookoff of their favorite potato recipes. The cooking competition, entitled, “This Spud’s for You – Celebrity Chef Edition,” will be hosted by Allen and feature chef teams led by Majumdar and Goldman. The cookoff, along with a separate cooking demonstration by long-time Potato Expo favorite Majumdar, will serve as featured events of the Potato Expo 2023, held at the Gaylord Rockies Resort in Aurora, Colorado, January 4-5, 2023. Visit the Expo website at https://www. nationalpotatocouncil.org/potatoexpo/ to access further important information about the event.
Six Tax-Efficient Ways to Transfer Wealth to the Next Generation
If subjected to high estate taxes, proactive planning can help direct assets to charities or loved ones
By Jenna Faust, senior wealth advisor, CLA Minneapolis
As the saying goes, “You can’t take it with you.” So where do you want your wealth to go when you’re gone? There are three places your assets can end up after your death: taxes, charity, or to loved ones as an inheritance. For those who are subject to high estate taxes, proactive planning can help direct more wealth to the latter two buckets and less to the government. The first step in a successful wealth transfer plan is to identify legacy goals and objectives. If a top priority is retaining wealth during transfer to the next generation, consider utilizing these tax-efficient techniques:
ANNUAL GIFTING
The annual gift tax exclusion for 2022 is $16,000 (or $32,000 for spouses splitting gifts), per donee. Up to this amount can be gifted to any number of people, per year, without having to pay gift tax. Anything above this limit will reduce the individual’s federal lifetime exemption and require the filing of a gift tax return. Giving away the maximum amount every year can be a meaningful way to shift wealth to the next generation.
DIRECT PAYMENTS
Making direct payments for qualified medical care or educational expenses on behalf of a loved one is a simple and straightforward gifting strategy. For example, if a grandparent wants to give more than the annual gifting limit to a college-aged grandchild, many schools will allow the elder to pay tuition directly and avoid any gift tax consequences. There are no limits on the amount of these gifts, but they must be paid directly to the institution (rather than the recipient), otherwise it could be subject to gift taxes.
ROTH IRA CONVERSIONS
Depending on your income tax bracket and overall financial situation, it could make sense to convert some or all traditional Individual Retirement Account (IRA) assets to Roth IRAs. In the year the conversion takes place, the account owner will pay income taxes on the amount converted. As a result, the assets in the Roth IRA can grow tax-free and eventually be distributed tax-free to the beneficiaries, which can be a spouse, children, grandchildren, and others.
Above: Determining which asset transfer strategies to employ depends upon your goals and personal financial situation. Timing is likely to make a difference, too.
continued from pg. 65
INTRA-FAMILY LENDING
The Internal Revenue Service (IRS) has established special interest rates, called applicable federal rates, for intra-family loans, and these rates are typically lower than commercial lending rates. This can be an effective family wealth planning strategy for individuals wanting to give for a specific use (home purchase, business startup, and similar purposes). It can be an especially appealing option in a low interest rate environment. Just be sure to properly document and structure the loan according to the IRS rules.
IRREVOCABLE GRANTOR TRUSTS
Selling appreciating assets to an irrevocable grantor trust (IGT) held for the benefit of heirs is another potentially attractive planning strategy in a low interest rate environment. Doing so removes the transferred assets (plus any future appreciation) out of the grantor’s estate while retaining access to a certain level of cash flow. Common types of IGTs include the grantor retained annuity trust (GRAT) and intentionally defective grantor trust (IDGT).
PLAN AND EDUCATE HEIRS
Transferring wealth is only half the battle. Before any plan is implemented, you need to verify those on the receiving end are prepared for it. A study reported in Money magazine found that 70 percent of the time, family assets are lost from one generation to the next. Often, it’s because heirs aren’t as
– Jenna Faust, senior wealth advisor,
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