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Tractor Talk Discussion Forum

Re: Death and Taxes.

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Author  [Modern View]

12-12-2012 07:58:22

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Yep, but there have been ways around it that if gov doesnt meddle with could save most of them. One very simple way is a trust. Has to be setup before you die,of course. Basically the trust owns the farm,whoever the operator is is paid by the trust. Since it doesnt technicaly change ownership,theres no inheritance or so called death taxes. Sort of like when a employee dies. Thats how estates are passed down for generations. Theres no guarantee gov wont somehow mess with these setups in the future ,but at the current time its about the best way to guarantee a estate. I STRONGLY urge you to check into it, if your goal is to keep a farm or estate intact for your children. very simple to do ,and in my opinion its the best option currently.

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Ken Macfarlane

12-12-2012 10:15:16

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 Re: Death and Taxes. in reply to jackinok, 12-12-2012 07:58:22  
Up here in Canada if its planned before it goes really well, there are lots of options depending on the size and type of operation. No taxes and no problems. Planned wrong if its isn't going to a direct relation, the gov gets 50% of the value.

Need to talk to proper AG knowledgable lawyer and/or accountant.

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