Tax season brings an especially important reminder to the farm: preparing for the future through estate planning. Sean Voskuhl said as farmers prepare taxes, it’s a good time to start a conversation about the future.
“Tax season is a good time, because you’re already compiling assets, making important business decisions, and preparing for the year on the farm. 57% of U.S. adults don’t have estate planning documents such as a will or living trust. Be sure you’re not one of them, because good estate planning can help transfer both the land and the business from generation to generation.”
Voskuhl said estate planning involves a team approach and communication with all parties is key because of the important decisions ahead.
“Estate planning involves some of the most important family, business, financial, legal, and tax decisions you will ever make. But, it helps in ownership transfers, it reduces estate taxes and helps secure a financial future. Set goals, determine your assets, and what you and your family want from the farm in the future. And, determine what your retirement will look like.”
Voskuhl says the first step to estate planning is seeking expert advice, such as your tax accountant, financial planners, and even attorneys. And Voskuhl added it’s important to say organized and maintain your plan.
For additional tips and ideas when it comes to estate planning, visit AARP’s Website.
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