Austin Duerfeldt is the Southeast District Agricultural Economist Extension Educator specializing in accounting, financial analysis and taxation. His office is at the Kimmel Education and Research Center in Nebraska City. Duerfeldt has a BS in public accounting with a minor in agricultural business and an MBA with an emphasis on agricultural economics. He served as Richardson County Treasurer from 2012 to 2017.
A major consideration in estate planning is the transfer of assets to the next generation. Using step-up in basis can allow for the sale of long-held farm ground that appreciated in value, with little to no capital gain issues.
A lot of farm and ranch operations have side businesses such as selling seed corn, installing fence, doing conservation land work, or providing other custom services. This series looks at how to develop these side businesses.