| Farm Transfer and Estate Planning |
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Farm Transfer and Estate Planning
American Farmland Trust; Northampton, MA: American Farmland Trust; FIC Fact Sheet and Technical Memo; page(s) 2; 2008; National; Fact Sheets and Technical Memos
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Abstract:
Estate planning should lay a framework for a smooth transition of farm or ranch ownership and management. It can provide for the needs of all family members, even those who leave the operation. It can help reduce high inheritance taxes on land made more valuable by inflation and non-farm development pressure. And proper estate planning can address the settlement problems that arise because land is not a liquid asset.
An estate plan is more than a will. A will is an important part of the plan because it names heirs, nominates an executor and appoints guardians for dependents. But a will alone cannot guarantee a secure future for the farm family, land or business. This fact sheet provides basic information about farm transfer and estate planning.
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