Think how rural communities could rejuvenate if farmland rents stayed local rather than flowing to out-of-state heirs. That's why some farmland owners want their hometowns to inherit at least part of their land.
Keeping your farm and your family intact for another generation is a major challenge for today's capital-intensive farm businesses. Successors need to grow into new roles; parents need time balancing what's fair to on-farm and off-farm heirs. DTN's on-going Senior Partners series examines the financial, legal and emotional hurdles families face as they transition farm ownership from the senior to junior partners.
Donating farmland to a community foundation or donor-advised fund can help rebuild rural America, advocates say. Here's how.
Iowan Dave Lubben formalizes an apprenticeship program for his three would-be successors.
Except for family sales, seller financing virtually vanished after the farm crisis of the 1980s when farmland values burst and many buyers walked away from their contracts, returning title to the original owners. Now even arm's length installment sales should...
This fatherly financial advice is meant to prevent heartaches should the farm economy suffer another serious setback. Here's what veterans of the 1980s debt crisis want their children to remember, so their kids don't have to learn the hard way.
There's more than one formula for valuing stock in a family business. Just don't wait for death, divorce or an imminent departure to set your terms.
Donor-advised funds promote charitable giving while teaching family values. They work especially well as a tax tool for those with fluctuating farm incomes.
Farm accidents can strike at any age. Good farm advisers and documentation of what couples own, farm lease terms and business roles after a partner's death can ease the grief.
At-your-service consultants help you walk through estate planning from start to finish.
Charitable gift annuities let you reward your favorite charities while you're alive -- and receive a small income stream back in return. It can be a win-win in your retirement years.
Retiring farmers can owe IRS 40% or more on assets they own after a lifetime of hard labor. Consider a Charitable Remainder Trust to lighten that load and reward good works in your golden years.
Less than one out of every three farmers has designated a successor, land grant university surveys find. Dairy farmers Lloyd and Daphne Holterman solved the problem by partnering outside the family and instituting a 10-year employee buyout.
For sentimental or practical reasons, some owners want their farmland to stay in family hands for generations to come. Sharing family stories builds commitment, but buy-sell agreements can impose disincentives to liquidate.
Ben Hendrix was born to farm. But his father's prerequisites for a management job in the family business meant two college degrees, a policy banning a return for at least five years and professional tutors to fill in any knowledge gaps.
Digging highly appreciated land out of a C-corporation requires patience but can prevent double taxation. Give yourself a 10-year exit strategy.
Aggies share their expertise and rediscover purpose as overseas Farmer-to-Farmer volunteers. It's the kind of second career that can make room for junior back at the home farm.
Not everyone owns a super-sized estate. Still, you need to take some simple steps now to minimize probate costs at death.
A landmark Iowa Supreme Court ruling forces on-farm operators to play fair with minority partners. That precedent means off-farm heirs may need regular dividends and farmland values close to market prices when they exit.
If you're unlucky enough to die in any of these 13 high-tax states, your estate faces tax purgatory. That means you need to activate your estate plans while you're still young and healthy.