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September 2, 2020 – Estate Planning for Farm and Ranch Owners

Impact of 2018 Farm Bill, Issues for Planners and Administrators

Ownership Structures, Effective Transfer Methods, Income and Estate Tax Considerations, Estate Administration Challenges

Speakers include: Belan Wagner and Robin Klomparens

This CLE webinar will guide estate planners and administrators on the critical legal challenges of estate planning for farmers. The panel will discuss provisions of the 2018 Farm Bill impacting the planning and administration of farm assets, ownership structures and associated risks, elder law concerns on a state and federal level, and key estate administration challenges.

Description

Estate planning for farmers and ranchers involves unique challenges that differ from that of other clients. Recent court rulings, the 2018 Farm Bill, and developments from the IRS significantly impact the implementation of income and transfer tax planning methods for farm and ranch businesses. Estate planners and administrators must acquire a complete understanding of particular rules and considerations applicable to farmers and farm assets.

For farms and farm assets, transitions can be a lengthy and complicated process upon a decedent’s death. The scope of the farm, type of assets, and goals drive estate planning. A variety of mechanisms involve a careful analysis of ownership structures, income and estate taxes, the use of lifetime financial transfers, and other items that are crucial in avoiding devastating pitfalls in the estate planning and administration of farm assets.

Listen as our panel discusses critical provisions of the 2018 Farm Bill and current tax law provisions impacting estate planning for farmers and ranchers. The panel will review ownership structures and related issues, methods to transfer farm assets and income, estate tax planning techniques, and overcoming estate administration challenges.

Outline

  1. Impact of tax reform on estate planning for farmers
  2. Impact of 2018 Farm Bill
  3. Ownership structures and associated risks
  4. Effective transfer methods
  5. Income, gift, and estate tax considerations
  6. Overcoming administrative challenges

Benefits

The panel will review these and other key issues:

  • How does estate planning for farmers differ from that of other clients?
  • What are the most effective ownership structures and related risks?
  • What transfer methods are available, and how to avoid potential planning pitfalls?
  • The unique eldercare issues of farmers and the 2018 farm bill impact
  • Medicaid planning for farmers

Register here.

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