Learn practical farm succession planning techniques to ensure your client's farm goes to the right recipients with little disruption to operation.
Estate planning for farmers offers special challenges and opportunities for the planner. In addition to having a working knowledge of wills, trusts, powers of attorney and other common estate planning documents, the planner needs to understand that the farm is a business. How the business is held, as a proprietorship or in one or more legal entities such as an LLC or corporation, and understanding, and often assisting in the formation of the succession plan for the business are critical aspects of the overall estate plan. The planner must possess a working knowledge of the income and transfer tax rules that may apply during lifetime and upon death of the farmer.
The Basic Estate Plan
ï Wills and Revocable Trusts
ï Durable Powers of Attorney
ï Health Directives
Choice of Entity
ï Nontax Advantages and Disadvantages
ï C Corporation vs. S Corporations
ï Tax Advantages and Disadvantages
Transfer Tax and Tax Basis Considerations
ï What Does Portability Mean?
ï What Do Higher Exemptions Mean?
ï Valuation Discounts
ï Basis Step-up at Death
ï Lifetime Gifting With Annual Exclusions
ï Lifetime Gifting With Exemptions
ï Lifetime Sales
ï Other Tax Considerations
ï Control, Decision Making Process, Succession Plan, Conflict Resolution and More
ï Children May Want to Leave the Farm for Greener Pastures
Mark R. Shepherd with Crist, Biorn, Shepherd & Roskoph
CFP ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request.