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…
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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…
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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…
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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…
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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…
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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:…
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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…
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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…
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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…
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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.…
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