Estate Planning for Farmers and Ranchers addresses the unique estate planning challenges faced by farm and ranch families. It’s all about the Family Legacy and passing on the stewardship responsibility the land requires. This is tough work as you’ve spent your whole life
A farm or ranch are often at risk for losing ownership upon the death of the owner because while the estate may actually include valuable land, it is also frequently burdened in debt. The debt may been the estate tax owed on large farm operations that are not prepared for the inevitable result. The result may be that the estate is subject to estate taxes beyond the estates ability to pay the tax because there are no liquid assets available, so forced land sales result. The reality is that paying the estate tax is optional if you plan for it. Moreover, It’s very common for our clients to pay minimal or no estate tax at all when they take the time to plan ahead.