• Home
  • Our Firm
    • About Our Firm
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Minnesota
        • Bemidji
        • Crookston
        • East Grand Forks
        • Fertile
      • North Dakota
        • Bismarck
        • Devils Lake
        • Fargo
        • Grafton
        • Grand Forks
        • Minot
        • West Fargo
    • Job Opportunities
  • Estate Planning
    • Asset Protection
    • Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Are You A Caregiver
    • Conservatorship
    • Coping with Alzheimer’s
    • Hospice Care
    • Life Care Planning Services
    • Medicaid Benefits
    • Nursing Home Planning
    • Veterans Benefits
  • Seminars
  • Resources
    • Client Resources
      • Estate Planning Resources for Farmers
      • Elder Law Resources
        • Bemidji
        • Bismarck Elder Law
        • Fargo Elder Law
        • Grand Forks Elder Law
        • Minot Elder Law
        • Thief River Falls Elder Law
      • Estate Planning Checklist
      • Free Estate Planning Seminars
      • Is Your Estate Plan Outdated?
      • Probate Checklist
      • Probate Resources
        • Bemidji Probate
        • Bismarck Probate
        • Fargo Probate
        • Grand Forks Probate
        • Minot Probate
        • Thief River Falls Probate
      • Top 10 Estate Planning Techniques
    • DocuBank
    • Elder Law Reports
    • Frequently Asked Questions
      • Asset Protection
      • Business Planning
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Planning
      • Probate
      • Trusts
      • Trust Administration & Probate
      • Wills
    • Newsletters
    • Professional Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Reviews
    • Our Reviews
    • Review us
  • Contact Us
  • Blog

WAEstate

Estate Planning & Medicaid Attorneys in Grand Forks , North Dakota

Call us today(800) 774-7576

  • Facebook
  • Twitter
  • Linkdin

Attend A Free Seminar

Farmers and Ranchers Face Estate Planning Challenges

January 7, 2016Estate Planning

Farmers and Ranchers Face Estate Planning ChallengesFor some people, estate planning can be a relatively simple and straightforward matter. When there are very basic circumstances, a last will or living trust can provide a suitable solution. If you work with a licensed estate planning attorney to construct your documents properly, you can put a basic plan in place and go forward with peace of mind.

At the same time, there are families who have more complex estate planning challenges. For example, people who own family businesses, like farmers and ranchers, have a unique set of concerns.

First of all, there is the matter of succession. You have to devise a plan if you want to pass the business along to the next generation. Plus, if you have family members who will not be involved in the operation of the farm or ranch, you have to provide for these loved ones as well, and this will involve the implementation of inheritance balancing techniques.

There is also the matter of the federal estate tax. If you’re a farmer or a rancher, you may make a good living. However, you may not consider yourself to be genuinely wealthy when it comes to your annual income.

Even if you do not feel as though you are among the upper crust as a farmer or rancher, you could face an estate planning challenge that confronts wealthy people. There is a federal estate tax in the United States, and it carries a very significant 40 percent maximum rate.

The tax is not applicable on asset transfers between spouses who are American citizens, but it can come into play when property is being passed along to anyone else. There is a $5.45 million credit or exclusion in 2016. The first $5.45 million that is passed along could be transferred tax-free, but the remainder would potentially be subject to the estate tax.

When you are inventorying your assets to determine the value of your estate for tax purposes, you have to include the value of your real property. If you are a farmer or a rancher, you may be in possession of a great deal of valuable land, and this can result in estate tax exposure.

People have sometimes been forced to sell their land to pay estate taxes, but with the proper planning, you may be able to make sure that your property stays in the family after you are gone.

Free Special Report

We have prepared an in-depth special report on estate planning for farmers, ranchers, and other family business owners. This report will provide you with a great deal of valuable information, and it is being offered free of charge right now.

Simply click this link to obtain access to your copy: Estate Planning for Farmers and Ranchers.

 

  • Author
  • Recent Posts

Raymond German, Estate Planning Attorney

Latest posts by Raymond German, Estate Planning Attorney (see all)

  • My Mother Just Passed Away. Now What Do I Need to Do? - December 12, 2019
  • Income Tax Basis in Estate Planning - December 10, 2019
  • 5 Considerations for the First-Time Executor - December 5, 2019

Other Articles You May Find Useful

Make Your Own Plan
Make Your Own Plan
Planning for Special Needs Children
Planning for Special Needs Children
Common Estate Planning Components Explained
Common Estate Planning Components Explained
What Happens If I Die Without a Will?
What Happens If I Die Without a Will?
The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part 3: When

Testimonials

Everyone at German Law Group was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn’t rush, which is good because a lot of this can be over people’s heads.
A.W., Red Lake Falls, MN
So much of a client’s high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly. ~J.R., Grand Forks, ND
Very Friendly
“Very professional, covered all, expertise, friendly, peace of mind now.” – Anonymous, North Dakota
Professional
“We were very pleased both times we met. A good feeling to have this done.” – R. & J. F., North Dakota
A Good Feeling
They were courteous, efficient, knowledgeable, and trustworthy.
  • D.T., Minnesota
Efficient
This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.
Anthony G., Los Angeles, CA
Very helpful. Our children and us are are confident in your group. -Anonymous, Fargo, North Dakota
Confident in the Firm
Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn. – Anonymous  
Very Helpful
We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns. JW & CD, North Dakota
Wonderfully Satisfied
Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing. C.P., Minnesota
Considerate and Caring

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

FREE ESTATE PLANNING WORKSHEET

  • This field is for validation purposes and should be left unchanged.

Where We Are

2650 32nd Avenue South, Suite O
Grand Forks, ND 58201
Phone: (701) 738-0060
Fax: (701) 738-0064

See Larger Map Get Directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

german_sidbr_map
  • Speaker Connection
  • Advantages of Working With Our Firm
  • About The American Academy
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Twitter
  • Linkdin
footer-logo

© 2019 German Law Group
All Right Reseved.

Attorney Advertisement