Agricultural Succession Planning
What do you want you legacy to be?
What You Should Know
The transfer of the farm to the next generation is not always an option. Sometimes there is one farming child and multiple non-farming children. Maybe the farm will be passed or sold to a sibling....the variations and possibilities are numerous. We will sit down and have a discussion on what you want to happen to the farm when you are no longer willing or able to operate it. Financial considerations are only part of the issue. The issues of fairness and equality come into play as does each families unique dynamics. It takes time and committment to deal with all of the applicable issues including the tax, legal,family and operational ones. We can help facilitate that discussion.
Additional Information
We have an extensive network of professionals that we have worked with in the past to aid in implementing your succession plan. From lawyers to investment advisors and other various specialists we can make sure that your plan is carried out according to your wishes. Armstrong Accounting can act as the quarterback of the team to make sure that everyone is working towards the same goal in an efficient manner. As accountants, we weigh the short term cost versus the long term benefit of various options to come up with a plan tailored for your situation and is flexible to meet your future needs.
More Agriculture Services
Year End Planning
We can minimize the current year tax bill through strategic use of the cash method of accounting
Taxation
We can prepare and file your tax return
Lifetime Capital Gains Exemption (LCGE)
The farmland, qualifying shares or partnership may qualify for the LCGE
Ready to streamline your accounting process?
Contact us now to schedule a consultation and explore how our expert services can benefit you.
