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 ...

Quick View
  • Betting on Shorter Beans Researchers at the University of Nebraska and Purdue University have pinpointed a gene that produ...
  • Herd Booster In 1935, in an effort to help ranchers hit hard by the Dust Bowl, the U.S. government bought 547 ...
  • Farmers Pivot Back After Storms The majority of center pivots damaged by severe weather earlier this summer in Nebraska are up an...
  • Pick Contingency Plans - 3 As crop prices and insurance coverage swoon, farmers may need to supplement incomes with federal ...
  • Weathering the Drought Parts of the panhandle and western Oklahoma are still considered as being in extreme or exception...
  • AFBF Appeal The American Farm Bureau Federation asked a federal appeals court to reverse a lower court's Sept...
  • Taxlink by Andy Biebl What farmers consider a hedge may be speculation in the eyes of IRS -- and that significantly alt...
  • Woodbury: Family Business Matters Consider whether you want your legacy to be measured by the size of your bank account, your inves...
  • Ask the Vet Some tips on fly control.
Related News Stories
Deere to Lay Off 460 on Weak Demand
Farming on the Mother Road - 7
Ag Interest Rate Snapshot
Farming on the Mother Road - 6
View From the Cab
Minding Ag's Business
Minding Ag's Business
Woodbury: Farm Family Business
View From the Cab