Indiana farmer finds a non-family heir for his farm business.

Transitioning a business from one generation to another is complicated. Add the complexity of being family owned and operated, and you have an entirely different set of challenges.

Estate planning laws aren’t different for farmers versus others; however, there are variances, such as vocabulary, emotional ties to land, operation versus land, own versus rent, personal financial statement and deeds.

There’s a major misconception when it comes to transitioning the farm. John Phipps kicks off a multi-part series about planning for the next generation in farming on U.S. Farm Report.

Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you’d like. Of course, some exceptions apply.

A Spousal Lifetime Access Trust (SLAT) may make sense for gifting in 2021. We go over the details.