Estate Planning Tools for Household Farmers and Ranchers

Estate Planning Tools for Household Farmers and Ranchers

Family farms and ranches deal with some of the very same estate planning barriers as any other business; nevertheless, there are some elements of estate planning that are distinct to the household farm or ranch. If you own a family farm or cattle ranch, and plan to pass it down to future generations, cautious estate planning is critical to avoid losing your farm or cattle ranch to estate taxes.

The end result might be that the estate is subject to estate taxes, yet there are no liquid properties available to pay the taxes, requiring the sale of estate possessions. The list below estate planning tools might assist you transfer some of your farm or ranch properties on to future generations prior to your death which will help prevent estate taxes.
Gifting: Taking benefit of the yearly gift tax exemption and life time exemption can assist pass on the farm or ranch.