When farmers begin to consider retiring, the machinery is often times the asset they wish to transfer first. Machinery generally requires more maintenance and creates more liability than other farm assets. Regardless of how it’s done, transferring machinery has major tax implications. Here are some strategies to consider for transferring machinery. Download and read “Transfer of …
Farming operations face innumerable risks and hazards. Everyday farms are subject to the possibility of losses due to fire, wind, theft and accidents. It is not possible to eliminate the source of these risks, but it is possible to manage the potential economic losses with insurance. Download and read “Check Insurance’s Limitations” article
It is one thing to meet with an attorney to put an estate plan in place; it is another thing entirely to make sure the work is done after the plan is in place to keep the plan valid and effective. This often is one of the most difficult concepts to understand for many people, …
When farmers consider their estate plans or succession plans, the top priority is almost always to keep the farm in the family. One of the most common concerns of farmers in achieving these goals is nursing home costs. No one wants to see their arm assets, particularly the land, be sold to pay for nursing …
An irrevocable trust is a type of trust that is often used as a means of protecting assets from nursing home costs and creditors. While irrevocable trusts have several favorable attributes, they also have several negative characteristics that should be carefully considered. Download and read “Understanding Irrevocable Trusts” article
