Estate Taxes and Asset Transfer Mechanisms in Agriculture
Discussing the allocation of your family's farm/ranch assets in the event of death or retirement can be uncomfortable for both the older and younger generations. However, planning for these events in advance may reduce estate tax liability and help to ensure that all parties are satisfied with the plan. Basic elements of estate planning include completing a will and keeping it updated, creating a living will and power of attorney, and setting up both a management and transfer plan for land and other operating assets. The information presented in this fact sheet should not be substituted for professional advice, but can be used as a guide when planning for the future of your farm/ranch.
Curtis, K.R. “Estate Taxes and Asset Transfer Mechanisms in Agriculture.” Progressive Dairyman, March 2007.