Time Marches On. But you earned it. It's your money, Right?
Only if you have the correct plan 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.
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.
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