Succession Planning: Transitioning the Farm to the Next Generation

Description

This presentation will provide in-depth information on what a retiring farmer needs to be aware of from an accounting and tax perspective. We will give an overview of options that are available and their tax consequences.

Who will benefit

Parents looking to transition to the next generation and farming children considering taking over the farm operation.

Participants will learn:

  • Strategies to slowly bring children into the farm operation over time
  • Gifting vs selling to the next generation
  • How to deal with farm assets (land, inventory and equipment)
  • Implications from an un-incorporated farm operation / implications from an incorporated operation

*Note: This presentation is also part of a special “The Future of Your Farm: Farm Succession Workshop” which is presented in conjunction with a lawyer and financial planner. Other topics as part of that workshop discussed are: Succession Planning: Tax Implications Upon Retiring and Selling the Farm to Third Parties and How the Capital Gains Exemption Works.

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