Ask the Taxman by Andy Biebl

How Do Heirs Pay for Grandpa's Retirement?

If you want the farm to continue to pay for fringe benefits such as vehicles and cell phones post retirement, draft a written employment agreement defining your part-time services, cash wages and the fringe portion of your compensation. (By Marduk (CC BY-SA 3.0))
If you want the farm to continue to pay for fringe benefits such as vehicles and cell phones post retirement, draft a written employment agreement defining your part-time services, cash wages and the fringe portion of your compensation. (By Marduk (CC BY-SA 3.0))
Don't disguise installment sales as gifts but do tap land rents as ideal income and test-drive Social Security options, CPA Andy Biebl advises.

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