Tax & Succession Planning for the Family Farm

For many families, the farm is much more than a business. It may represent generations of work, significant family wealth and a way of life clients hope to pass on to their children. But successfully transitioning a family farm requires careful coordination of estate, business and tax planning — and the tax rules that apply to farming are very different from those that apply to other businesses and assets. This program, with experienced farm tax and succession planning lawyer Mona Brown, will provide a practical guide to the issues lawyers need to understand when advising clients on farm succession planning. Topics will include determining whether property qualifies for special farm tax treatment; the capital gains exemption and other tax planning opportunities; intergenerational transfers; planning where one child farms and others do not; equalization and financing; and coordinating the client’s will, ownership structure and tax plan, and planning for family law. Along the way, Mona will address the practical questions that can make or break a succession plan: Who wants to farm? Can the farming child afford to take over? How can non-farming children be treated fairly without jeopardizing the operation? Don’t miss this opportunity to better understand the unique tax and succession planning issues facing farm families and help clients develop a plan that reflects their goals for the future of the farm.

Live webinar with chat includes 60 day replay. This program features real-time video of the presenter with synchronized presentation slides, and a chat feature that allows for live Q & A.