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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Farm Equipment Loans and Liens: The Hidden Threat in Your Estate Plan If you’re like most farmers, your equipment isn’t just sitting in the shed debt-free. Tractors, combines, and other essential machinery often carry liens, loans, or are wrapped…
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Who Really Owns the Farm Equipment? Why It Matters for Estate Planning When it comes to farm equipment, ownership isn’t always as clear as people think. Over the years, machinery gets bought, sold, handed down, or co-owned without much formal d…
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