Don’t Bet the FarmDon’t Bet the Farm

We’ve all heard the term, “don’t bet the farm,” which warns against risking everything you own on something. Farmers and ranchers who neglect to put a proper estate plan in place should take this advice literally, as their heirs may well have to sell the family’s sole income producing asset–in effect “betting the farm”–in order to pay inheritance taxes. Fortunately, there are estate-planning solutions that can prevent this undesirable outcome. Farmers and ranchers seeking a sound estate plan can utilize certain techniques that take advantage of the historically high gift tax exclusion and historically low interest rates to avoid estate taxes. These strategies might also provide benefits in the form of creditor protection and family harm...