Ep. 126 - Equal vs Fair: Dividing the Farm When Not Every Child Wants to Farm
Before trusts, estate freezes or life insurance, there's one question: what do you actually want to happen?
Part 3 of 6 of Keeping the Farm or Ranch Together.
According to former tax lawyer Bryan McNulty, the first thing to know before estate planning is where you want your assets to go. The second is that tax is payable at death, or at the surviving spouse's death, and it can derail a plan if there's no way to fund it. Bryan explains that farm property and qualifying farm corporation shares can often pass to a child tax-deferred, even when the land is held outside the corporation, but the…
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