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Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
A common question that arises in our meetings with clients is about making sure that the farm remains in the family for multiple generations. One option for accomplishing this is the use of a Dynasty Trust. Many states such as South Dakota, Delaware and Alaska allow for trusts that are either perpetual or last for 100's of years. This allows the farm family to place land into the trust and make sure that the farmland will remain in the family for multiple generations. However, there are several questions that you must answer before doing this:
These are some of the important questions that must be answered. There are most likely many others that apply to your situation. Now is the time to get help from your advisor on how best to accomplish this.
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