As if farming itself weren’t hard enough, now you have to figure out how you are going to get your farm to the next generation. Knowing the options available to you is an important first step in preparing yourself for this process. Establishing you…
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How a Right of First Refusal Protects Family Farmland One of the biggest challenges in farm estate planning is ensuring that farmland stays in the family for future generations. A key tool that can help us accomplish this is a Right of First Refusal…
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Estate Tax: Potential Repeal Amid a Looming Tax Hike Right now, every American has an estate tax exemption of $13.99 million. That means you can pass up to $13.99 million worth of assets tax-free either during your lifetime or at death. However, this…
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Charitable Remainder Trusts: A Smart Tax Strategy for Retiring Farmers A Charitable Remainder Trust (CRT) is a legal structure that allows you to sell assets tax-free, generate retirement income, and support a charity of your choice. Here’s how it…
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Why Are There So Many Trusts in the Plat Book? And What Even Is a Trust? If you’ve ever looked at a plat book, you’ve likely noticed that a lot of land is owned by trusts. But why is that? And what exactly is a trust in the first place? At Wagner…
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What Is Stepped-Up Basis and Why It Matters in Estate Planning Stepped-up basis is one of those topics that comes up a lot when we’re working with farm families on their estate plans. It’s a tax tool that can make a big difference, but like any t…
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Can you really give the farm away without paying gift tax? How much can you discount your farm sale and avoid gift tax? A Farmer’s Guide Planning for the future of your farm is one of the most important steps you can take to protect your legacy. A…
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How the History of Your Farm Reveals Succession Planning Lessons Farm succession planning is not just a consideration for the next generation. Often the current farming generation is also a success story of succession planning for generations past. F…
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Three Estate Planning Mistakes Farmers Make and How to Avoid Them Farming is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers fail to make an estate plan – a mistake the drastic…
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Farm Succession Planning Never Stops Farming is more than a job—it’s a way of life, a family tradition, and often, your greatest legacy. But securing that legacy for future generations requires more than hard work in the fields; it demands carefu…
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