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Other thread on how rich farmers are got me to thinking.
We have some farm ground in the family that will be passed down.
Would love to visit with someone privately about how to best structure this so that the farm may be kept intact and not have to be sold to pay taxes.
Anyone out there a planner or have been through this that would be willing to have me bounce questions off of???
Send me a pm.
TIA
Montana MOFO
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Do a TOD deed... (Very simple stuff).
Or a Trust... less simple
As allowed by your state.
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Other thread on how rich farmers are got me to thinking.
We have some farm ground in the family that will be passed down.
Would love to visit with someone privately about how to best structure this so that the farm may be kept intact and not have to be sold to pay taxes.
Anyone out there a planner or have been through this that would be willing to have me bounce questions off of???
Send me a pm.
TIA Get a local estate planning attorney or CPA and consult. Estates are not only subject to US tax laws, but the way property is held is local. And Montana may have its own ideas on what their laws are. You need local legal help. I do help people with planning here in the People's Republik, but would not wish to advise anyone who lives in Montana. That would be malpractice.
Last edited by mrmarklin; 12/05/23.
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Unless the estate of the person or husband/wife that owns the land is more than ~$13m (if owned by an individual) or ~$26m (if owned by a couple) there will be no estate tax due under the current tax code.
And if the estate is greater than those amounts, find an estate attorney. Don’t ask a bunch of drunks on a hunting forum
Last edited by ShortMagFan; 12/05/23.
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Tarkio; Good afternoon, I hope the day down in your part of Montana went acceptably and you all are well.
Sincere kudos for doing some planning, too many do not and suffer because of it.
As has been already said, either an estate lawyer or if the amount is significant then a tax lawyer as well would be wise.
That's the same advice I'd give anyone on either side of the medicine line, as the rules seem to change state to state and province to province up here.
Good luck and all the best.
Dwayne
The most important stuff in life isn't "stuff"
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Unless the estate of the person or husband/wife that owns the land is more than ~$13m (if owned by an individual) or ~$26m (if owned by a couple) there will be no estate tax due under the current tax code.
And if the estate is greater than those amounts, find an estate attorney. Don’t ask a bunch of drunks on a hunting forum That’s federal estate law. States have their own estate tax laws, some are quite onerous (Minnesota) and some have no estate tax.
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A trust. Be very careful choosing an executor.
Osky
A woman's heart is the hardest rock the Almighty has put on this earth and I can find no sign on it.
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A Trust, Good farm and ranch attorney, before the old folks are on death bed, land and money, all sealed up, don’t let it go to probate ever, then do a trust to give everything to you children as far as everything but money, cost about three grand on each trust.
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Yes, a Good Tax Lawyer. We got around to our trust a few weeks back.
These premises insured by a Sheltie in Training ,--- and Cooey.o "May the Good Lord take a likin' to you"
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A Trust, Good farm and ranch attorney, before the old folks are on death bed, land and money, all sealed up, don’t let it go to probate ever, then do a trust to give everything to you children as far as everything but money My sister gave up the partner track at a big city law firm to move back to our hometown to do this for a living. She sure hasn't run out of work. She's in IN, but could give you the quick rundown, & possibly some tips on how to choose an atty in your area. PM me if you're interested. FC
"Every day is a holiday, and every meal is a banquet."
- Mrs. FC
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For clarification, the farmland is located in IL.
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Campfire 'Bwana
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A trust. Be very careful choosing an executor.
Osky ^^^^^ This.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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Paid for advice of a local resource would be my recommendation.
Would be money well spent.
g
"I have sworn upon the altar of God, eternal hostility against every form of tyranny over the mind of man." Thomas Jefferson
GeoW, The "Unwoke" ...Let's go Brandon!
"A Well Regulated Militia" Life Member
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Campfire 'Bwana
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Anyone that has a net worth into the millions (much less IMO) is an idiot to not have a proper trust prepared and renewed. Saving pennies on the dollar...
Conduct is the best proof of character.
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I am in this currently. My dad had a small ranch and there are three heirs. The estate is liable for capital gains, (bastids). Other than that, no taxes.
I think, therefore I am, conservative.
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I am in this currently. My dad had a small ranch and there are three heirs. The estate is liable for capital gains, (bastids). Other than that, no taxes. That is a concern we have as well. Cap gains based on the basis of the property.
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There is 2 types of trusts. Both have advantages. Revocable and non revocable. I think Suzy Orman has written about this. Read as much about the subject, then go to a professional . You will be able to understand the trusts better.
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I am in this currently. My dad had a small ranch and there are three heirs. The estate is liable for capital gains, (bastids). Other than that, no taxes. That is a concern we have as well. Cap gains based on the basis of the property. If the property is inherited, which looks to be the case, then the basis is what the property values at TOD. Not what they paid for it decades ago. How many siblings do you have? The greatest potential for big issues usually lies within the inheriting family. Some will want to keep it, some will want to sell and cash out, and everybody thinks it’s worth more than it is. Hopefully this will not be your case. Probably the best advice given here was to seek advice from somewhere other than a site full of drunks. Haha Good luck to you.
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