FARM BUSINESS NEWS
Woodbury: Family Business Matters
Lance Woodbury DTN Farm Business Adviser
Mon Mar 17, 2014 03:36 PM CDT

I often receive phone calls or emails from farm business owners asking me what estate planning tools they should consider in the transition of their farm or ranch. Should I put my land into an entity like an LLC? Should I use a trust? Should I give gifts of company stock to the next generation? Should I buy life insurance to pay out the off-farm heirs?

GOALS BEFORE TOOLS

My response to these questions is, "It depends on the goals that are driving your transition plan." For example, it depends on whether you want to pay no estate tax or ...

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