Estate Planning Tools for Household Farmers and Ranchers
Family farms and ranches face a few of the exact same estate planning challenges as any other company; nevertheless, there are some elements of estate planning that are unique to the household farm or cattle ranch. If you own a household farm or ranch, and plan to pass it to future generations, careful estate planning is important to avoid losing your farm or ranch to estate taxes.
The end outcome may be that the estate is subject to estate taxes, yet there are no liquid assets readily available to pay the taxes, forcing the sale of estate possessions. The list below estate planning tools might assist you transfer some of your farm or cattle ranch possessions on to future generations prior to your death which will help prevent estate taxes.
Gifting: Taking benefit of the yearly present tax exemption and life time exemption can assist pass on the farm or cattle ranch.