Estate Planning Tools for Household Farmers and Ranchers

Household farms and cattle ranches face a few of the exact same estate planning obstacles as any other business; however, there are some elements of estate planning that are special to the household farm or cattle ranch. If you own a family farm or cattle ranch, and plan to pass it down to future generations, careful estate planning is critical to avoid losing your farm or ranch to estate taxes.

The end outcome may be that the estate is subject to estate taxes, yet there are no liquid properties available to pay the taxes, forcing the sale of estate possessions. The following estate planning tools might help you move some of your farm or cattle ranch assets on to future generations prior to your death which will assist prevent estate taxes.
Gifting: Taking benefit of the annual gift tax exemption and lifetime exemption can help pass on the farm or ranch.

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