[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/family-farms-often-have-unique-estate-planning-issues-greenwich-ct-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/family-farms-often-have-unique-estate-planning-issues-greenwich-ct-white-plains-ny\/","headline":"Family Farms Often Have Unique Estate Planning Issues","name":"Family Farms Often Have Unique Estate Planning Issues","description":"When it comes to the business of family farming, there are special considerations to passing on assets to one\u2019s heirs through estate planning. Farms generally do not only include land and crops but a pretty expensive tax liability from farm equipment, and they often lack liquid assets to pay taxes as Ohio\u2019s County Journal and […]","datePublished":"2016-08-05","dateModified":"2024-03-28","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b7c883ddb1.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b7c883ddb1.jpg","height":200,"width":300},"url":"https:\/\/www.amorusolaw.com\/blog\/family-farms-often-have-unique-estate-planning-issues-greenwich-ct-white-plains-ny\/","about":["Business Succession","Estate Planning"],"wordCount":234,"keywords":["Business Succession","Estate Planning","Estate Tax","Farms"],"articleBody":"When it comes to the business of family farming, there are special considerations to passing on assets to one\u2019s heirs through estate planning.Farms generally do not only include land and crops but a pretty expensive tax liability from farm equipment, and they often lack liquid assets to pay taxes as Ohio\u2019s County Journal and Ohio Ag Net recently discussed in \u201cEstate planning for farmers: Providing for liquidity concerns.\u201dPlanning considerations include:Develop a plan to build up liquid assets that can be made available to the estate after the farmer passes away. This can be as simple as investing farm income in securities.Life insurance can be purchased to provide cash to beneficiaries.If the farm is held in partnership or as a corporation, then creating buy-sell agreements with other owners to purchase an individual\u2019s ownership stake upon death can provide money for the deceased\u2019s estate.The likelihood of the farm estate having to pay the estate tax can be reduced during the farmer\u2019s life in several different ways, including creating a gifting plan with the help of an attorney and selling off older equipment that is no longer needed.If you have a farm, seek an estate planning attorney to help you plan for tax and business succession issues.Reference: Ohio\u2019s County Journal and Ohio Ag Net (July 19, 2016) \u201cEstate planning for farmers: Providing for liquidity concerns\u201d"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Family Farms Often Have Unique Estate Planning Issues","item":"https:\/\/www.amorusolaw.com\/blog\/family-farms-often-have-unique-estate-planning-issues-greenwich-ct-white-plains-ny\/#breadcrumbitem"}]}]