Legacy Project
“Any money saved by not paying a lawyer to draft a will and succession plan, will be outweighed by the expenses associated with a family feud.”
Estate planning is important for all families and business owners, but it is crucial for farm families.
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.
As you develop your estate plan, consider opportunities for charitable giving.
Even though the transfer tax might not happen, it is likely we will see major changes in gift taxes.
Succession planning is difficult and time-consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.
One of the most overlooked and misunderstood tax laws — available to married farming couples — is an opportunity called portability.
There is no precise model when slicing the estate pie. Attorney Polly Dobbs and CPA Paul Neiffer will dissect these complex decisions.
Common goals, trust and open communication feed Pennsylvania operation
When a farmer passes an operation to the next generation, the inheritance can be fair, but it is rarely equal.