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Blog

AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

• The Crying Need for Farm Transition Planning
• Tax Savings Series Part 8 - Indiana Inheritance Tax, or One More Reason to Move to Florida
• Tax Savings Series Part 7 - Don’t Pay Any More Than You Have to or How to Stick It to the (Tax) Man
• Tax Savings Series Part 6 - Gift and Estate Taxed or Bilked, Bamboozled, and Bushwhacked
• Tax Savings Series Part 5 - "Indiana Property Tax Reform or Indiana Property Tax Fiasco"

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Library

AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

• A Penny Saved: Business Planning and Wealth Preservation for Farmers

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AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

It is certainly true that we live in a world of change. People have been telling us this for years, and it is true. The implementation of new ideas and technologies is much more rapid than in our parents and grandparents day. Agriculture is no exception. Farmers must be able to adapt quickly to new technology or they will soon be out of business.

Even beyond that, farmers are now faced with some fundamental changes which dramatically effect the transfer of farming from this generation to the next. The energy crisis is effecting farms in a number of positive and negative ways, not the least of which is a dramatic increase in the price of grain, which causes a significant increase in the price of farm land. These factors coupled with the advancing age of current farmers and the migration of farm children off of the family farm disrupt the traditional method of transfers. 

The net result of all of this is that the old methods of farm business transfers are no longer appropriate. Today’s agricultural planning demands a new way of thinking and planning. Just as we have had to adapt to new technology and ideas in the way we farm, we must also be open to knew practical and creative ideas in the way we plan for and transfer our farms. Here at Miner & Lemon, LLP we have the knowledge and understanding of the various tools, and transfer techniques available. We are willing to analyze your unique situation; consider the advantages and disadvantages of various solutions, and put together the optimum package for your situation and needs. This process may require an indepth discussion with you, and potentially your banker and accountant, to obtain a complete assessment of your goals in order to achieve them. Farm succession planning is crucial to the survival of today's family farm.  It is our goal to provide thoughtful transfer solutions which will allow farming operations to continue and thrive for the next generations.

Blog for AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

• The Crying Need for Farm Transition Planning
• Tax Savings Series Part 8 - Indiana Inheritance Tax, or One More Reason to Move to Florida
• Tax Savings Series Part 7 - Don’t Pay Any More Than You Have to or How to Stick It to the (Tax) Man
• Tax Savings Series Part 6 - Gift and Estate Taxed or Bilked, Bamboozled, and Bushwhacked
• Tax Savings Series Part 5 - "Indiana Property Tax Reform or Indiana Property Tax Fiasco"
• Enduring Values - Thoughts on Estate Planning
• Tax Savings Series Part 4 - "The Self-Employment Tax or All These Taxes Are Taxing My Patience"
• Tax Savings Series Part 3 - "Minimizing Income Tax"
• Tax Saving Series Part 2 - "Explanation of the Income Tax System or a Day Trip Through Dante's Inferno"
• WHAT IS FARM SUCCESSION PLANNING?
• Tax Savings Series Part 1 - "Business Planning and Wealth Preservation for Farmers"

Library for AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING:

• A Penny Saved: Business Planning and Wealth Preservation for Farmers [PDF]   
  Description: Excellent review for Farmers of Business Planning and Wealth Preservation for Farmers, including helpful tax and estate planning tips.

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Frequent Questions for AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING:

• None of my children are interested in farming; why should I care about farm transition planning?

• With the dramatic increase in land values, can I still pass the business onto my child/children without it being devastated by estate taxes?

• Can I pass on my values as well my physical assets?

• Why shouldn’t I simply leave everything to my spouse and then upon my spouse’s death to be divided among my children?

• What is the best way to pass my farming operation onto the next generation?

• If I leave my farming operation to my child who remains on the farm, how can I treat my other children fairly?

• If I leave my farming operation to my child who remains on the farm, how can I treat my other children fairly?

• What is succession planning?

Web Resources for AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING:

• American Agricultural Law Association

  Description: This ia a professional association focusing on the needs of the agricultural community. Crossing traditional barriers, it offers an independent forum for investigation of innovative and workable solutions to complex agricultural law problems. The AALA's role has taken on greater importance in the midst of the current international and environmental issues which are reshaping agriculture and the impending technological advances which promise equally dramatic changes.

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