What Happens to Your Farm Estate Plan When the First Spouse Dies? I often tell clients after we finish signing their estate plan that if something happens to one spouse, I want the surviving spouse to call me within about a month. There is a reason f…
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Frequently Asked Questions About Minnesota’s Farm Estate Tax Deduction Is the Minnesota family farm deduction really $2 million? For decedents dying after December 31, 2022, Minnesota Revenue states that the qualified small business and farm pr…
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Nobody Fights Like Family: How Court Battles Can Destroy Family Land When family members end up in court over land, things almost always get worse, not better. Costs rise quickly. Emotions run high. Cases drag on for years. And in farm families, the…
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What Happens When Your Farm Successor No Longer Wants the Farm? Many farm succession plans are built around a specific assumption. One child or family member will eventually take over the operation and continue the family farming legacy. But what hap…
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What Happens to a Contract for Deed When Someone Dies? Contract for deeds remain a common tool in farm succession planning because they can help transfer farmland over time while spreading out the tax impact of a sale. They can also create opportunit…
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Understanding Solar and Wind Agreements on Your Land If you have been approached about a solar lease, wind agreement, or transmission line on your property, you are not alone. These opportunities are becoming more common across Minnesota, and many la…
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The Filing That Could Cost Your Farm $2 Million If you own farmland in Minnesota through an LLC, corporation, partnership, or trust, there is a filing requirement that too many farm families overlook. It is called the Corporate Farm Report. If you ar…
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Farm Prenups: Protecting the Next Generation Marriage is one of life’s most important milestones. For farm families, however, it also raises important legal and financial considerations that can directly impact the future of the operation. At Wagne…
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The Bank Account Mistake That Can Disrupt a Farm Estate Plan When farm families sit down to put together an estate plan, most of the focus is on land, equipment, and how the farm will transition to the next generation. That makes sense. Those are the…
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The Importance of a Strong Buy-Sell Agreement Farm succession planning isn’t just about transferring assets to the next generation. It’s also about protecting the farm when life takes an unexpected turn. If your farm operates through an LLC, part…
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