It is often a challenge for clients to plan for the transition of their farming and ranching businesses to the next generation but still provide certainty and flexibility to adjust to changes within the family that may change the dynamic of the operation.
For instance, families with more than one child may wish to provide for the transition of the farm or ranch to that child who is involved in the business, but still provide a structure in which any other children may enter or exit the business.
Clients may also decide that a reorganization is necessary to provide optimum structure that provides proper provisions for the succession of the business in a tax efficient manner that coincides with their personal estate planning documents.
While we do not provide specific tax advice, we often work with tax experts to help realize our client’s objectives for the reorganization of their business. Contact us.