Farm Estate Plan is committed to helping farm families develop an estate transfer and business continuation plan to help ensure that future generations of farmers will succeed. We take a low pressure educational approach of helping our clients. We take a snap shot of your current situation and with a long term plan that will KEEP YOUR FARM IN THE FAMILY!
FARM ESTATE PLANNING
Family farms present unique issues when it comes to estate planning. Out of interest or necessity, many farm children leave the country and head to metropolitan areas. The children who remain on the farm undertake risks and responsibilities their city siblings do not share. And when the time comes for the farm to pass to the next generation, accumulated assets could be significantly drained by estate taxes, inheritance and probate fees, as well as the final expenses of settling an estate.
If you don’t want your estate riddled with fees and taxes, and you want both farming and non-farming heirs to be treated equitably, you must develop a carefully considered farm estate distribution plan. This plan will implement strategies to:
- Transfer the ownership of the farm.
- Provide financial security for all family members involved.
- Provide for the equitable treatment of farm and non-farm heirs.
- Develop farm management capacity in farm heirs.
- Reduce estate and death taxes and expenses.
- Provide sufficient cash liquidity to pay taxes, expenses, debts and mortgages without having to sell off assets necessary for farm operation.
- Keep the farm in the family for generations to come.
The long-term success of the farm and farm heirs depends on how well farm parents plan for the transfer. If you leave it up to your children, you’re leaving everything to chance.
To keep your farm in the family, speak with one of our experts about developing your farm estate distribution plan today.
Circular 230 disclaimer: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.