Passing a family farm to the next generation is rarely as simple as dividing assets. You have to preserve the land and equipment needed to run the operation while treating all children fairly—especially when some work the farm and others do not. Transfers may also trigger federal and state estate tax exposure,...
Category: Farming and Ranching
Estate Planning Mistakes Farmers and Ranchers Make
Farming and ranching is more than just a livelihood; it is about preserving a legacy and a way of life. Unfortunately, many farmers and ranchers fail to create a comprehensive estate plan—or any estate plan at all. Without a proper estate plan, the family farm or ranch, passed down for generations, can...