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You Earned It. It's Your Money, Right? If You Plan Right, It Can Be!

By
Real Estate Broker/Owner with Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska

Time Marches On. But you earned it. It's your money, Right?

Only if you have the correct Roses for a Loved One - Mike McCann Nebraska Farm Brokerplan in place. Below is an excellent explanation of Estate Planning for Farmers and Ranchers.  It is provided to us from the University of Nebraska Institute of Agriculture and Economics.

Take a look at the article and be sure to discuss with your family and I would also think a great tax adviser would be a very good idea.  

I recommend that everyone plan for the unknown future and have in place the steps needed to transition the farm or ranch to the next generation or whomever you want to be there after you are gone.

I strongly urge you to not wait any longer...it will sneak up on you and bite you when you are not ready if you do not plan ahead.

IRS Portability Rule

The UNL ag econ website is a great resource for many quality articles written by respected members of various industries.  The article above was written by:

J. David Aiken
Water & Agricultural Law Specialist
Department of Agricultural Economics
University of Nebraska-Lincoln

If you have never been to the website...check it out here:

http://agecon.unl.edu/

PS. You do not have to be from Nebraska to read the articles. Another couple of great places to learn from that I use are Iowa State University and Kansa State University websites. I am sure there are dozens more as well.

 

Posted by

 

Mike McCann Nebraska Land Broker This has been Mike McCann...Nebraska Land Broker...Coming to you from the Farm Land of Nebraska and America!! Visit me at www.mikemccann.com to learn more about the agricultural and farm land for sale market. 

Many farms For Sale in Nebraska are not listed publicly...please call, text, or e-mail with your questions, wants, and needs!

Mike is your Ag, Farm, and Auction expert throughout Nebraska!

308-627-3700 and 800-241-3940 call or text me at these numbers or

mike@mikemccann.com for easy e-mail access! Mike McCann Nebraska Land Broker

 

Comments (8)

Kathy Goldman
REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert - Waukesha, WI
Social Media & Marketing for Real Estate

My husband was an air traffic controller and they have a mandatory retirement age of 55 or 56. He took early retirement because we planned ahead! Nice info, Mike McCann!

 Kathy Goldman, Real Estate Social Media Marketing & Blogging Expert
 "If it doesn't make you money, you should be delegating it!"

Mar 01, 2017 12:15 PM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

Hi Kathy Goldman   Your husband had a tough job. I can't imagine the stress.  Glad you planned ahead.  Heck...he has enough time to have another career.

I am telling a lot of people to do as I say ...not as I did.

I am slowly catching up and we have great insurance...but I did not do a very good job of saving for old age because...never thought I would reach it.

Having strong years since I quit selling houses and only doing farms has helped a lot.  Not complaining because we have lived a very comfortable life for 30 years and I will retire when one of two things happen...either I cannot have a clear mind or they plant me in the ground. I Love what I do and can think of nothing else to replace it.  My wife is 11 years younger than me so she will be working until I am in my mid '70's...which surprisingly is not that far away!!   Thank you for stopping by.

Mar 01, 2017 01:30 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Good advice Mike.

We deal with a lot of estate planning with out clients too, a forest is such a long term investment that some of these plans go for several generations.

Mar 04, 2017 09:14 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Mike McCann - Nebraska Farm Land Broker - interesting investment thought and opportunity! Difficult to digest for a city-boy like me!

Mar 04, 2017 11:26 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Mike. It is never too early to think about retirement and I wish I had earlier.

Mar 05, 2017 07:58 AM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

Hi Bob Crane   Yah...a forest would really take a while. Kudos to those who have that foresight and vision!!

Mar 05, 2017 08:14 PM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

Hi Praful Thakkar  Thanks for stopping by.  I just think everyone needs to have a plan in place to transition the farm...or business to the next generation if that is their desire.

Mar 05, 2017 08:16 PM
Mike McCann Nebraska Land Broker
Mike McCann - Broker, Mach1 Realty Farm & Commercial Land Broker-Auctioneer Serving Nebraska - Kearney, NE
Farm & Commercial Property For Sale 308-627-3700

HI Sheila Anderson   I was not very good at planning and I am telling people to do as I recommend ... not as I did.  My wife is doing better at it!!

Mar 05, 2017 08:16 PM