Lessons learned

[Kay/NC]

Just finished off the qualified savings deposits (IRA and HSA) this week.  Made myself sit and type out the directions for doing each one, while they were still fresh in my memory.  The old computer had the IRA address and account numbers saved in it, and it is slower and slower booting up these days. 

Once I got that lesson written and into the management binders for Mike and daughter, I decided to move the income tax worksheets from the old computer to the new one, and update them, saving the newer version.  Once they were done and copies printed for their binders, I figured it was a good time (no Winn, rainy day, stuck indoors anyway) to do the income tax lesson for them. 

Two hours and four pages later, I hope they'll have at least a clue how to do this, when I cannot.  I worked from the worksheets, and made notes on stuff like the auto-drafts for our health and farm insurance, mill charges from the integrator for LP and supplies,  the relationship between the two LLCs,etc.

I also made notes on what will drive them nuts, if they have the snafus on emails like I had this year, etc. 

My main worry is that they will not do the work on time.  The pages are filled with bright red deadline comments. 

I actually think it is pointless to have them try the employment withholdings forms, so will refer that to the CPA's office to do.  If I actually write a lesson on the 943/W-2/3 and NC-3, it will be mostly to help guide myself.  Any task I only do once a year is tough for me to remember every detail about.  Is that just me?

I have clumped these lessons in a group in the binder.  There will be four or five that are "Tax Time Tasks". 

I am actually starting the 2015 taxes today...printed out the worksheets and put them in the income tax binder.  Made notes on the tax prep fees, HSA and IRA, and equipment already bought and what it cost, month purchased. 

Hoping this will make next winter less stressful.  Any other good suggestions are greatly appreciated.

I think doing this while taxes are fresh in my mind is the right time.  Will let you know how it goes next February. 

[joepeters752]

Kay you are such a teacher! You even call them lessons. DH & I were just saying this morning that he will be screwed if something happens to me. I would be able to run this place without him but he would be in trouble.

[Kay/NC]

Pat, I guess when we had the shock of our youngest daughter passing in 2012, it made me feel mortal. It made me stop thinking "if"  something happens to me, and start thinking "when" instead.  To be honest, I thought I was going to die, too, it hurt so bad. 

It occurred to me that a lot of people know how to grow pigs, which was what we did then, have added the cows we own since.  No one else knows how I do my part of htis puzzle, though. 

I bought a ring binder and a set of 31 numbered indexes with a paper contents page.  I started drafting lessons that are most immediate:payroll, monthly bills, etc.  Each lesson has exact instructions as to which program in the computer is used, if one, what commands and tabs to click, and what to do when you get there. 

If it's too complex (like these damned 943 and NC-5 filings), I will refer them to the CPA for payroll filings.  Failing to remit withholdings is a big, serious federal crime, and so I want thme to be sure it is done right.  

I have a habit of jotting down lessons that need drafting as it occurs to me, as I do a seasonal task like taxes, or the workers comp audit, and try to get them written when it is fresh on my mind.  If nothing else, I can refer to these lessons for the infrequent tasks, so I don't have to count on my memory. 

Yesterday, when I completed the tax lesson and copies fo the worksheets, I asked Mikde to lisgten for fi e minutes.  I didnt' try to take him through the whole four-page detailed lesson.  I took him through the binder section, showing him the worksheets and explaining them brieflyy, then showed him the four pages of details. 

Then, I showed him the INCOME TAX binder I am running for this calendar/tax year.  This is a new, proactive management step on my part.  I will not have to look up equipment purchase dates and prices for the return next year...they are already recorded.  So are the HSA nd IRA contributions, and our individual tax prep costs. 

I updated the auto-pay page, to delete a landline we have dropped in VA, and called the electric company to have the related number for outage reporting updated to my cell phone,.  There are a million moving parts of information and I am the spot where this buck stops.  Only fair to give my family the best explanation possible, so they can keep it running when I stop  

[turkey feather]

I am listening too. I have one binder set up.  It will not be easy and will be time consuming but I am going to follow your lead here and make a set or two of instructions. DH has no clue to the paperwork and DD is overwhelmed with their own farm and her job.  The incident in January at church when I passed out with no pulse but came out of it with prayers and  tests showing nothing wrong is difficult to forget.

I have taken over finances and paperwork for DM and MIL which was simple when done gradually.  Today business records would be a nightmare for someone unfamiliar with them and computers.  Being married our entire adult lives has not made us think alike in these kinds of matters which is proven every few days.

I thank you for this advice.

[joepeters752]

We are a little different here as this will not be a going concern if either of us pass before our time. We each have enough life insurance such that the surviving spouse will be ok without dairying any longer. There will be one or two more tax returns with a schedule F. And a few more paychecks. He does know how to pay people but not submit taxes and do a sch 943 but he will find a CPA to do that. I should tell my kids the EFTPS password and a little bit on how to do a 943. Only 2 employees so not real tough. If this was a going concern I would spend more time on it as you are doing, Kay.

When I hit 60 I realized my mortality. We have been very fortunate here with casualties or lack thereof. Kay, I just started reading Ag.com right after your Jenna passed. It was touching beyond belief to read your posts. I would not have been able to handle it. I can only hope to die before any of my children.

[Kay/NC]

None of us has sufficient warning, if we are lucky.   If I have one consolation in Jenna's passing, it was that it was "here one minute, and gone the next". 

It can happen to anyone, and if I had more time to plan and knew I was going in months or a year or two, I wouldn't want to spend my last months making these lessons up...much more important things to do, in terms of making memories.  Still, I feel it is part of my "job" to prepare my familuy to make it without me. 

I tisn't all that hard to do, if you just take payroll as a starting point - because not doing the 943 and state withholding stuff is criminal - and you want your employees paid, regardless. I wen tform there to things as they happened on the calendar year.   Filings for property taxes, how the autiopay credit card system works.  I still need ot draft the lesson pon how top do the bill paying on the bank's website, for example. 

More later....

[Kay/NC]

I would have much rather things things had gone so that she stayed and I crossed over, too. For a longtime, I felt like just following her. It would have been mich easier, but also would have been unfair to Mike and her brother, sister, and tiny nephew.

I am consoled by the many very direct messages we have received from her. I know people may think that is nuts, but when it happens to you, you know.

I am sure that firmly seated my sense of mortality, at least for the purposes of this world. I now know the soul survives this incarnation, and there is a lot beyond here. It isn't just a blind " belief" for me anymore.

That said, I feel we owe it to those we love not to leave them more problems to solve than we must. We made advance medical directives and medical POAs many years ago, and are making sure all of our ownerships are " joint tenancy with right of survivorship" from here on out.

The management lessons hopefully address the rest. Insurance is great, but even a million in benefits in today's banking system earms very lttle per year. With an actively farming heir, it would be foolish to let the operations go, and make her start from scratch.