The New Federal Estate Tax Law: Why Minnesota Farmers Still Need to Plan Ahead What does passage into law of the One Big Beautiful Bill Act mean for Minnesota farmers? The new federal law sets a $15 million estate tax exemption ($30 million for marri…
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Is a Simple Will Enough for a Farm Succession Plan? Short answer: No. A simple will cannot protect a working farm. It may be fine for a young couple with minimal assets, but for farm families, it’s a dangerous shortcut that often leads to probate,…
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The #1 Risk No Farmer Expects in Succession Planning When most families think about succession planning for the farm, they focus on the obvious: taxes, land values, debt, and the details of ownership. But there’s another risk that often goes overlo…
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How Often Should You Update Your Farm Estate Plan? You’ve taken the important step of creating a farm estate plan. You’ve identified who will carry on the operation, made decisions about how assets will be passed on, and set the groundwork for yo…
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Why Minnesota Farm Families Can’t Rely on a $6 Million Estate Tax Exemption In Minnesota, the estate tax exemption for 2025 is $3 million per person. That means when someone passes away, the value of their estate—land, equipment, savings, crops,…
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Why Every Co-Owner of Farmland Needs a Buy-Sell Agreement When two or more people co-own farmland—whether it’s a father and son, siblings, or long-time business partners—one critical question looms: What happens when one of us retires, pass…
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What Farmers Need to Know About the Changing Estate Tax Landscape Estate taxes are a topic most people would rather avoid—but for farmers, understanding how these taxes work is critical to protecting the family farm and ensuring a smooth succession…
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Why Waiting to “Figure It All Out” Can Cost You the Family Farm Too many farm families wait to make an estate plan until they “know exactly what they’re doing.” They want to have the perfect succession strategy in place before anything gets…
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It’s Planning Season To have a successful farm, thoughtful planning must be done every season. Your life is no different. To properly prepare for the next season in your life and the lives of your loved ones, you need a well-executed estate plan. W…
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Farmer’s Guide to Machinery Depreciation, Stepped-Up Basis, and How Smart Planning Can Save Taxes on Farm Equipment Farmers know the value of depreciation when it comes to reducing their tax burden year to year. Bonus depreciation and Section 179 d…
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