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 new series of Nebraska Extension farm/ranch transition workshops is designed for the "sandwich generation," the one falling between retiring grandparents and the grandchildren who may or may not be interested in returning to the operation. The workshops will cover family communication and financial and legal aspects.
As experts continue to interpret the new tax code, two things are certain for ag producers: The changes are far reaching and complex and in many cases, will result in a lower tax liability. This overview looks at several of the major changes affecting ag producers.
Nebraska farmers and ranchers are invited to take a confidential, online survey about their farm or ranch succession plans. Responses will be used to design educational materials, a website, and develop programs specific to Nebraska producers.
A 2013 tax law change–the portability rule–can simplify farm and ranch estate planning. Farm and ranch families still need to do estate planning to develop and implement farm or ranch business transition plans so that the farm or ranch can continue to be successfully operated by the next generation. This Q&A addresses a number of questions.