Family farms present a unique estate planning problem. The family farmers often operate on a thin profit margin (we hope it’s a profit), and yet, they are worth millions of dollars. AKA, they are cash poor and land rich.
Dad needs to continue to operate the farm, but for estate tax reasons it needs to be “divided up” among the kids. Even if there is never an estate tax problem, one or two of the kids want to operate the farm and the rest of the kids want nothing to do with the farm.
How… [read post