Estate Planning and Taxation

Overview

Estate planning is the development of a system to transfer the ownership of property to others in a manner that achieves the goals of the original property owner. These goals often include minimizing estate tax liability, equitable distribution of property among family members, and ensuring the financial security of a surviving spouse. Agricultural estate planning can be an especially complex endeavor. The proper estate plan is unique to the facts and circumstances involved in each situation based on business goals, familial relationships, and tax considerations. While individual state laws may impact the effectiveness or availability of certain planning devices, business entities, and rules governing succession of property, the Internal Revenue Code primarily governs the major tax issues associated with estate planning. Agricultural estate planning often provides unique circumstances that must be carefully assessed, such as assets in the form of highly appreciated land, the emotional investment of the family in the farming operations, and potential conflicting desires of some heirs regarding the management or continuation of the operation. This overview focuses on broad concepts central to agricultural estate planning; however, the careful scrutiny of critical details in a myriad of subject areas, many of which are beyond the scope of this overview, is also necessary to develop a successful estate plan. Read the full overview

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