NEWS
Woodbury: Family Business Matters
Lance Woodbury DTN Farm Business Adviser
Thu Feb 4, 2016 06:13 AM CST

Estate planning, on the surface, has two primary goals -- transferring wealth and minimizing taxes. Both are important to agricultural families, as the high cost of land and equipment can be a barrier to entering a farming or ranching business. Additionally, a large estate tax liability can erode the equity built over generations, if assets must be sold to pay tax.

At a deeper level, however, estate planning serves another meaningful purpose. It can enhance the ties that bind heirs together. In my conversations with business owners, I often hear them express a desire to create something beyond financial significance ...

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