Conservation Tax Center Law Library

60 Overview articles were found for Estate Planning

Estate Planning - Overview
By: Breana Behrens
Making a plan for your property for when you pass away is not usually an enjoyable task, but it is extremely important, especially for private landowners. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Planning--Overview/738/

Introduction to Estate Planning
By: Aaron J. Lyttle; Cole Ehmke; Mary Martin; Bill Taylor
Many people tend to avoid the discomfort of issues relating to death and dying, including estate planning. Because of this, more than half of Americans lack basic wills.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Introduction-to-Estate-Planning/1698/

Glossary of Estate Planning Terms
By: Farmers' Legal Action Group, Inc.
Brush up on definitions of key estate planning terms. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Glossary-of-Estate-Planning-Terms/1056/

What Happens to my Property When I Die?
By: Thomas Hall
Create an estate plan to transfer you assets in the way that you want, instead of letting the government and courts decide on who will get your property. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-Happens-to-my-Property-When-I-Die/1535/

Don’t bet your farm - An estate plan can help preserve assets
By: Hembree Brandon
As land prices continue to increase, as well as the value of equipment and other farming assets, it becomes increasingly important to ensure that you have an estate plan to ensure that you do not exceed the federal estate tax exemption and have to pay significant sums to the IRS.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Dont-bet-your-farm--An-estate-plan-can-help-preserve-assets/1043/

Transferring farm management responsibilities to the ‘next generation’
By: By Peter Callan, Virginia Tech University
The decision to transfer the management of a family farm should be the culmination of many years of discussion between the older and younger generations.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Transferring-farm-management-responsibilities-to-the-next-generation/1283/

Consultant Urges Farmers to do Estate Planning Early
By: Barry Amundson
Although complex, estate planning needs to be done to help farmers and ranchers save on taxes and help pass the farm onto the next generation.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Consultant-Urges-Farmers-to-do-Estate-Planning-Early/830/

The Ranch Handbook
By: Drovers CattleNetwork Staff
Drovers CattleNetwork suggests that ranchers create a handbook that outlines ranch management information to help successfully transfer a family ranch to future generations.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/The-Ranch-Handbook/1175/

The Problem of Partition
By: Breana Behrens
When co-property owners cannot agree on how to share their inherited property, a court can order that the property be split between the owners.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/The-Problem-of-Partition/1115/

Legacy Planning Best for Farm Succession
By: Kylene Scott
At least one out of five farmers doesn’t have a clue what will happen to their farm if they should die or have to stop farming. With t ...Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Legacy-Planning-Best-for-Farm-Succession/998/

Estate Planning Checklist - Information to assemble before contacting an attorney
By: Aaron J. Lyttle; Cole Ehmke; Mary Martin; Bill Taylor
This printable document is a checklist that will guide you through what infrormation you should assemble before meeting with an estate plann ...Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Planning-Checklist--Information-to-assemble-before-contacting-an-attorney/1697/

Estate Planning Questionnaire
By: Tim Eggers
Iowa State University Extension and Outreach has created an Estate Planning Questionnaire that can help you get ready to meet with an estate planner or attorney. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Planning-Questionnaire/2247/

The Basics of Basis
By: Mississippi State University Extension Service
Basis is used to determine net taxable income from sales of property. This article explains how basis is established, timber accounts, and more for forest landowners.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/The-Basics-of-Basis/1161/

What is a Gift Tax?
By: Breana Behrens
Making lifetime gifts is one way to transfer your land and can play an important role in your estate planning. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Gift-Tax/629/

Annual Exclusion from Gift Tax
By: Breana Behrens
Lifetime gifts are eligible for the one time exclusion amount as well as an annual exlusion. This allows you to transfer your assets in small amounts over a long period of time without being subject to gift taxes.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Annual-Exclusion-from-Gift-Tax/746/

What is an Estate Tax?
By: Breana Behrens
Estate taxes are taxes levied on your property when you transfer it to others upon your death. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-an-Estate-Tax/740/

Estate Tax - Extension and Installment of Payment
By: Breana Behrens
You can elect to defer and pay an estate tax on a closely held business in installments. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Tax--Extension-and-Installment-of-Payment/1504/

Estate Tax Incentive For Landowners
By: Stephen J. Small, Esq.
The Taxpayer Relief Act of 1997 and its impact on Section 2031(c) of the IRC. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Tax-Incentive-For-Landowners/565/

The Effects of the Federal Estate Tax on Farm Households
By: Ron L. Durst
Farmers and owners of other small businesses hold significant amounts of wealth in the form of business assets and are therefore more likely than other taxpayers to be subject to the federal estate tax.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/The-Effects-of-the-Federal-Estate-Tax-on-Farm-Households/1106/

Unification and the Estate Tax Exclusion Amount
By: Breana Behrens
The Internal Revenue Code provides that lifetime gifts and bequests in a will are taken together when determining if the value of your estate exceeds the exclusion amount, and is therefore subject to gift and estate tax. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Unification-and-the-Estate-Tax-Exclusion-Amount/747/

What is a Generation-Skipping Transfer Tax?
By: Breana Behrens
The generation-skipping transfer (GST) tax is applied to transfers made to individuals that are much younger (not in the preceeding generation) than the donor.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-GenerationSkipping-Transfer-Tax/630/

Portability
By: Breana Behrens
The IRC section 2010(c)(2) allows for a spouse's unused portion of their exclusion amount to be added to the surviving spouse's exclusion amount.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Portability/748/

What is the Marital Deduction?
By: Breana Behrens
The IRC provides a deduction for the value of property in a decedent's estate that that passes to their surviving spouse.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-the-Marital-Deduction/943/

What is a Trust?
By: Breana Behrens
A trust is an estate planning tool that allows you to maintain control over the distribution of your property and can help minimize gift and estate taxes.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Trust/947/

What is a Grantor Retained Annuity Trust (GRAT)?
By: James A. Houle, Esq.
A GRAT is an estate planning tool that can help you minimize gift and estate taxes. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Grantor-Retained-Annuity-Trust-GRAT/742/

What is a Charitable Remainder Trust?
By: Breana Behrens
A charitable remainder trust (CRT) is a good tool to minimize gift and estate taxes on highly appreciable assets. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Charitable-Remainder-Trust/946/

What is a Family Limited Partnership?
By: Breana Behrens
A family limited partnership (FLP) is a useful estate planning tool that can help ensure that your family land and business remains whole after you pass. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Family-Limited-Partnership/741/

What is a Limited Liability Company?
By: Breana Behrens
A limited liability company (LLC) is a simple and flexible corporation structure that can be used by a private landowner in planning for the succession of their family land and business. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-a-Limited-Liability-Company/940/

Will a Personal Guaranty Trump LLC Financial Liability Protection?
By: Erin Porta, OSUE Agricultural and Resource Law Extern
Like much of the business world, many Ohio farmers are choosing to operate as Limited Liability Companies (LLCs) to gain personal liability protection for LLC members and ample estate, tax, management and business succession advantages.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Will-a-Personal-Guaranty-Trump-LLC-Financial-Liability-Protection/1313/

For a Family Dairy Farm to Succeed, Someone Needs to Step Up and Lead
By: Chris Zoller
Many people think owning your own dairy farm and working with family members is easy and brings with it a lot of money — if only that were true! It takes a special person who is willing to get up early, commit to milking cows at least twice each day, and doing this each day of the year.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/For-a-Family-Dairy-Farm-to-Succeed-Someone-Needs-to-Step-Up-and-Lead/1334/

Types and Sources of Financing for Start-up Businesses
By: Don Hofstrand
Financing is needed to start a business and ramp it up to a profitable operation. There are several sources to consider when looking for start-up financing, but first you need to consider how much money you need and when you will need it.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Types-and-Sources-of-Financing-for-Startup-Businesses/981/

Business Plans Improve Efficiency and Profitability
By: Karisha Devlin
A farm is more likely to succeed with a written business plan. A business plan serves as a historical account of what has been successful in the past and sets a foundation for your farm's future.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Business-Plans-Improve-Efficiency-and-Profitability/1421/

The Personal Property Memoradum
By: Aaron J. Lyttle; Cole Ehmke; Mary Martin; Bill Taylor
Wills and trusts can be useful tools for determining who should receive your property after you die. Unfortunately, consulting an attorney to draft and sign these documents can be time-consuming, dull, and expensive.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/The-Personal-Property-Memoradum/1690/

Planning a Successful Transition From a Family Operation to an Agricultural Business
By: Kylene Scott
Estate planning is one thing, but succession planning is a whole different story. Succession planning is about transferring decision-making.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Planning-a-Successful-Transition-From-a-Family-Operation-to-an-Agricultural-Business/1333/

Managing Debt to Prepare for a Farm Transfer
By: Jessica A. Shoemaker (Farmers' Legal Action Group, Inc.)
For most family farmers, passing a successful farming operation on to the next generation is an important concern. This can ensure children and other surviving family members have a source of potential future income.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Managing-Debt-to-Prepare-for-a-Farm-Transfer/1057/

Estate Planning - Lifetime transfers from parent to children
By: Dennis Fordham
Wealth transfers from parents to younger generations have different tax consequences and should be considered when creating an estate plan.& ...Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate-Planning--Lifetime-transfers-from-parent-to-children/1072/

Getting started in farming - No path is the same
By: Michael D. Duffy
It is important to remember that farming is a business. Like any other business, an individual must look at the advantages and disadvantages of operating a farm and evaluate key aspects: including all parties involved with decisions, resources available and different enterprises.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Getting-started-in-farming--No-path-is-the-same/1237/

Getting Started in Farming - Inheriting a Farm
By: Michael D. Duffy
Duffy, an extension economist at Iowa State University, has outlined the basic thought process when inheriting a farm. Many of the final decisions will depend on the nature and location of the land, as well as the number of heirs.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Getting-Started-in-Farming--Inheriting-a-Farm/1105/

Farm Succession plan important piece of the puzzle
By: Chris Bickers
Designing a succession plan for your farm is important in protecting the assets that you've worked so long and hard to acquire. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Farm-Succession-plan-important-piece-of-the-puzzle/2419/

Getting Started in Farming - On the Home Farm
By: Michael D. Duffy
This publication will address the question of how to get started and established in farming for those who have (1) made the decision to farm for a living and (2) have the opportunity for a beginning on the home farm.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Getting-Started-in-Farming--On-the-Home-Farm/1238/

Transferring Ownership of Farm Machinery
By: William Edwards, Don Hofstrand
Farm machinery is an important component of transferring ownership (Information File Business Ownership Transfer Process) from the older party to the younger party.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Transferring-Ownership-of-Farm-Machinery/1424/

IRA Charitable Rollover
By: Breana Behrens
The IRA Charitable Rollover enables taxpayers to make charitable donations directly to qualified chairtbale organizations from their IRAs without counting it as part of their AGI.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/IRA-Charitable-Rollover/608/

When to Use Life Insurance in Estate Planning
By: Alan Orlowsky
This article is a look at situations where life insurance can provide value to you and your family in estate planning. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/When-to-Use-Life-Insurance-in-Estate-Planning/807/

Purchase of Development Rights Programs
By: Breana Behrens
Purchase of Development Rights (PDR) programs allow municipalities to purchase the development rights from private landowners. These programs benefit private landowners by putting cash in their pockets, which can be a tool for compensating heirs that do not wish to participate in the family business or own part of the farm, ranch, or forestland.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Purchase-of-Development-Rights-Programs/1286/

Retirement Preparation Worksheet
By: Farm Journal Legacy Project
Start thinking about planning for retirement today. This worksheet will help you and your family begin the process of planning for your retirement.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Retirement-Preparation-Worksheet/921/

Family Employment Policy
By: Farm Journal Legacy Project
When establishing a family employment policy be clear to spell out the criteria for hiring and employing family members. This will help instill a business-like environment for all family members participating in the business and ensures that decisions will be made based on sound business judgment rather than family-induced emotions.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Family-Employment-Policy/867/

What is Your Farm's Future?
By: By Peter Callan, Virginia Tech University
All farms will be sold at some time to either a family member or someone else. Who makes the decisions regarding the sale of the farm? Farmer? Banker? Doctor? Planning is critical.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-is-Your-Farms-Future/1327/

Down on the Family Farm - How to avoid five common estate planning mistakes
By: Polly J. Dobbs
Too often farming clients misunderstand the estate planning process. This article explores the five common examples of estate-planning-gone-wrong for private landowners.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Down-on-the-Family-Farm--How-to-avoid-five-common-estate-planning-mistakes/1075/

What happens to your ranch/livestock in a divorce?
By: Charla H. Bradshaw, KoonsFuller, P.C.
Farm and ranch divorce proceedings may be more complex and involve unique property considerations than more typical divorces.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/What-happens-to-your-ranchlivestock-in-a-divorce/1422/

Joint Machinery Ownership
By: William Edwards
Many farmers have reduced their machinery costs by owning equipment jointly. This helps smaller operators utilize machinery more ef? ciently and still enjoy the convenience of owning a full line.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Joint-Machinery-Ownership/1427/

Farmers Need to Be Aware of 2013 Tax Changes
By: Dennis Stein
As farms manage more gross income, the need for improved financial accounting systems and increased management of farm income becomes necessary.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Farmers-Need-to-Be-Aware-of-2013-Tax-Changes/876/

Guardianships and Conservatorships
By: Aaron J. Lyttle; Cole Ehmke; Mary Martin; Bill Taylor
One of a parent’s greatest fears involves what will happen to his or her minor children in the event of the parent’s premature death or incapacity.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Guardianships-and-Conservatorships/1688/

Protecting You and Your Property – How to Plan for Mental Disability
By: Thomas Hall
What happens to your land if you become mentally disabled and unable to make decisions or manage your affairs? Make an estate plan to protect your property.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Protecting-You-and-Your-Property--How-to-Plan-for-Mental-Disability/1534/

WY Wills - Some Suggestions for getting the most out of estate planning
By: Aaron J. Lyttle; Cole Ehmke; Mary Martin; Bill Taylor
Creating and signing a will often constitutes the central step in planning one’s estate. Studies indicate that almost half, if not more, of Americans lack basic estate planning documents, including simple wills.Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/WY-Wills--Some-Suggestions-for-getting-the-most-out-of-estate-planning/1696/

Is a Buy-Sell Agreement Truly Necessary?
By: Jeanne Bernick
A buy-sell is just as important as a marriage certificate. (Reposted from Farm Journal Legacy Project) Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Is-a-BuySell-Agreement-Truly-Necessary/2423/

Bundle Of Rights Approach To Value
By: Gerald R. Barber
The bundle of rights theory maintains that ownership of a parcel of real estate may embrace a great many rights, such as the right to its occupancy and use; the right to sell it in whole or in part; the right to bequeath; the right to transfer by contract for specified periods of time, the benefits to be derived by occupancy and use of the real estate. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Bundle-Of-Rights-Approach-To-Value/117/

Estate Planning for Forest Landowners - What Will Become of Your Timberland?
By: William C. Siegel, Harry L. Haney, Jr., and John L. Greene
The purpose of this book is to provide guidelines and assistance to nonindustrial private forest owners and the legal, tax, financial, insurance, and forestry professionals who serve them on the application of estate planning techniques to forest properties. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Estate--Planning-for-Forest-Landowners--What-Will-Become-of-Your-Timberland/1674/

Best IRA Accounts of 2015
By: Mike Jelinek
Which is Best? Roth vs Traditional IRA. Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Best-IRA-Accounts-of-2015/2859/

Organize your farm business - Sub S Corp eases estate planning worries
By: Mike Wilson
The Sub S corporation simplifies ownership transfer on this multi-enterprise family farm (part 1 of 2) Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Organize-your-farm-business--Sub-S-Corp-eases-estate-planning-worries/2635/

Organize your farm business - Sub S Corporation simplifies ownership
By: Mike Wilson
A Subchapter S corporation simplifies ownership transfer on this multi-enterprise family farm (part 1 of 2) Read More »
https://www.landcan.org/ctc-article/Estate-Planning/Overview/Organize-your-farm-business--Sub-S-Corporation-simplifies-ownership/2636/

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60 Overview articles were found for Estate Planning