One of the problems with farm assets is that much of it has no title. This means that, without proper documentation, your executors and family may have nothing to rely on proving ownership other than your tax return. This can be inaccurate or fail to capture the full picture.
It is always critical to ensure that your tax records as well as your legal records are consistent. It is important to document when you are transferring equipment to your farm successor. You might have properly reported it for tax purposes, but unless you have also properly documented for legal purposes, it will be difficult to prove ownership of certain types of assets when it comes to your farm succession plan.
In this video, I talk about some client success stories and how we can better document what happens on the farm. This leads to better results and better outcomes with your farm succession as well as reducing the potential for future conflict.
At Wagner Oehler, Ltd., we advise and guide our clients through the most crucial legal decisions they will make in their lives, including estate planning, real estate, business law, and estate administration.
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