» Farm

Treasury Department Backs off Proposed Discount Regulations

In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlie… Read More
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Categories: Estate Planning, Farm

Incentivizing the Transition: New Law Provides Tax Credits for Landowners and Beginning Farmers

On May 30, 2017, Governor Mark Dayton signed ten budget bills, one of which is an exciting opportunity for Minnesota’s youngest generation of farmers. Minnesota’s farming population is aging; in fact, less than 6% of Minnesota farmers are 35 year… Read More
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Categories: Farm
Deferring Taxes with a 10…

Deferring Taxes with a 1031 Exchange

A 1031 exchange, also known as a like-kind exchange. is a swap of a property held for “productive use or investment” for property of a like-kind. Property is of like-kind if it is the same type of investment. For example, farm land is oft… Read More
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Categories: Farm, Real Estate

What is Title Insurance?

To understand title insurance, it helps to know what is meant by “title”. Title is simply the evidence that the owner of real estate is in fact in lawful possession of the property. Title insurance is protection against property loss or d… Read More
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Categories: Farm, Real Estate
Frameworks For Farm Trans…

Frameworks For Farm Transitions

The process of transitioning the family farm often begins long before any assets are moved from the retiring farmer to the successor. Generally, the succession plan is a done gradually and involves some gifting/discount by the retiring farmer and buy… Read More
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Categories: Estate Planning, Farm

The Uncertain Future of the Estate Tax

No More Estate Tax? No More “Stepped Up” Tax Basis? Now that the dust has settled on the grueling and seemingly endless election cycle, voters’ minds turn to policy and wonder what (if anything) will come of the promises made by the candidates:… Read More
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Categories: Estate Planning, Farm

What is farm law?

The attorneys at Ward & Oehler work with farm families every day. Farm law/agricultural law is one of our practice areas that we have focused on for over 40 years. Agriculture law covers the legal issues affecting the farming industry. This inclu… Read More
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Categories: Farm

Opinion: Tax bill injects uncertainty into planning for farmers

As part of the omnibus tax bill, HF 848, passed by the Minnesota legislature over the weekend, the legislature has directed the commissioner of revenue to review the estate tax’s definition of qualified farm property and its linkage to the property… Read More
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Categories: Estate Planning, Farm

Minnesota Farm Land Deduction Offers Estate Planning Opportunities for Farmers

Minnesota farmers have been seeing the value of their farmland increase significantly over the last few years. Though it has slowed recently, this increase often results in a gross estate that is more than the Minnesota estate tax exemption. For farm… Read More
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Categories: Estate Planning, Farm
Transitioning the Family…

Transitioning the Family Farm: An Overview of Strategies

In Southeastern Minnesota, family farms are not just the land, business, or way of life, but a direct link to the heritage and history of several generations. Ensuring the farm operation will be there for the next generation is often a top priority.… Read More
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Categories: Estate Planning, Farm