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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project.  He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.

The Estate Tax... Again?!?

Aug 17, 2010

 

From Legacy Moment eNewsletter (08/13/2010)
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The estate tax is again looming on the horizon, so it’s important to recognize how an estate plan---to mitigate the estate tax---should dovetail into a comprehensive succession plan.

As the law is written, an estate in excess of $1 million will be subject to a 55% estate tax starting in 2011. Though Congress could still act to change the law, it’s doubtful they will---especially given the dire need for tax dollars.

Keep in mind the following points as you consider how to integrate an estate component in your succession plan.
  • Common, off-the-shelf, estate planning strategies will not mitigate the estate tax and maintain an operation’s integrity for the family business owner.
  • Focus first on your goals for succession, and then craft your estate plan to complement your succession solution.
  • Plan for your ownership transition and the family’s financial security first; then consider the estate tax.
  • There is no "silver bullet" to mitigate the estate tax; an effective plan will require a combination of tested tools and techniques.
iStock Two Kids in FieldNews & Resources for You
Take advantage of these Estate Planning Tools, courtesy of the Farm Journal Legacy Project.

A Wedge of Discontent: One family’s story may serve as a wake-up call for others.

Legacy Project Workshops: Make plans to attend one of next week's Legacy Project Workshops. The next two locations are Columbia, Mo., and Wichita, Kan. Find out more details.

Have you checked out the new and more robust AgWeb and
Legacy Project Web sites? They offer easier navigation and more reasons to check back every day. 
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