Accounting

Succession Planning

It is important for us to recognize the tax impact of implementing a succession plan. A large consideration for many of you will be the estate tax. This is a transfer tax on the value of assets passing from one generation to the next. Each individual is exempt from tax on the first $5,450,000 of

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Key Areas to discuss as you formulate your plan are the Successor(s), the Structure and Management Continuity. Questions to consider when selecting a Successor(s): Will all of your children be involved with the day to day farming or business decisions? Will you have some children involved with the farm or business decisions and others not

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So what happens to your farm or business; operation, assets such as land, buildings, equipment, etc. if you were to not make it home tonight? Who inherits the “ownership” of your business? Who inherits your assets? Are they the same people? Is it who you want it to be? Are they prepared to run the

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