August 2007
Country Council by: Robert Moore
MANY farmers face the challenge of designing an estate plan that includes both farming heirs and off-farm heirs. In a perfect scenario, the farmer would simply leave off-farm heirs and all the farm assets to the farming heirs. However, a farmer’s wealth is typically comprised of mostly farm assets, namely land. Therefore, farmers are often forced to leave farm assets to off-farm heirs in order to treat the off-farm heirs equitably.
A few strategies can be implemented in an estate plan so that off-farm heirs receiving farm assets do not jeopardize the viability of the farming operations for the farming heirs…Download full article here.
