NASHVILLE, Tenn. (RFD-TV)—When a farmer dies and the family begins the daunting task of dividing up the operation, it can be challenging, especially for children who may not want to become farmers themselves.
Industry analyst Vance Crowe developed an innovative idea involving Bitcoin that would enable all parties to achieve their objectives in a farmland transition.
“There’s usually one or two kids that want the property, and then there’s a couple of kids that that’s not what they’re doing,” Vance Crowe said. “And so, for now, one of the solutions is, ‘well, we’ll just divide it up evenly and give them all an even shake.’ Or we have one child who tries to buy out that land from the other ones, and there are challenges with that, too.”
Crowe told aginfo.net that at the end of the day, succession is about deciding what is best for everyone involved in the land transfer.
And I think something like Bitcoin is a way for people to be able to make investments into a finite asset that will allow them to be able to leave something to the children who are not going to stay in farming and still be able to keep the farmland together.”
He also encouraged farm families to explore new technologies that might fit into their operation and estate plans.
Two more key developments in ag law and taxation from 2023, a crackdown on biodiesel fraud and developments in self-employment taxation (#7 and #6), are the topic of today’s Firm to Farm blog post, the second in a series by RFD-TV agri-legal expert Roger McEowen.
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The start of the review of the most important ag law and tax developments of 2023—that is the topic of today’s Firm to Farm blog post by RFD-TV agri-legal expert Roger A. McEowen
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Recent developments in ag law and tax — that is the topic of today’s Firm to Farm blog post by RFD-TV-Agri-Legal Expert Roger McEowen.
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If you are thinking about making substantial gifts and/or doing so in a complicated fashion, make sure to get good professional advice beforehand. In his latest Firm to Farm blog post, RFD-TV Agri-Legal Expert Roger McEowen tackles the complex rules surrounding financial gifts, charitable donations and estate transfer.
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But, what does “detached and disinterested” mean? When is a transfer of funds a gift — at least in the eyes of the IRS? That is the topic of today’s Firm to Farm blog post by RFD-TV’s Agri-Legal Expert Roger A.McEowen.
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Just how much are probate fees? How are they determined? That is the topic of today’s Firm to Farm blog post by RFD-TV’s Agri-Legal Expert Roger A. McEowen.
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