Family FarmsESTATE PLANNING
When you pass away, what will happen to your farmland? Maybe it’s land that has been in your family for generations.
Without a specific estate plan in place, the land may be at risk. You may have known families like that – where they lost part of the land to estate taxes, family disputes or creditors.
Many of our clients own farmland, and we understand how important it is to protect that land, taking into consideration things like:
- Who is operating the land now, and who will operate it in the future?
- How do we treat all children “fairly” even if the land is not going to all the children?
- How do we avoid estate taxes at death? Particularly with the dramatic increases in land values.
Let us help your family prepare to transfer farmland smoothly, the way you want, while minimizing taxes. Call our office to schedule a meeting today. (217) 726-9200
Read More about Family Farms
Grandad left his property to Dad. Then when Dad passed away he left it to his two daughters and one son. The three kids owned it jointly after he died. Everything seemed fair and good. They never saw a need to divide the property. Well, the son was in his 50's when he...
Here’s a true story about a family where the kids didn’t follow their dad’s advice…
Family farms. Effectively planning to protect the family farm requires us to consider at least two types of planning. And the 2 types involve 2 different definitions of "save". 1. Does it mean to transfer the farm and protect it from nursing home costs, estate...