Tina Barrett, director of Nebraska Farm Business, Inc., reviews the federal estate and transfer tax law proposals submitted to Congress this year that would dramatically change the tax implications for many farm businesses.
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.