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Southern MN | For tax purposes, it doesn't matter how they acquired the wealth. You played the sympathy card with "they worked their entire lives to build". Most farmers are 2nd, 3rd, or 4th generation farmers who inherited something from the prior genration, they didn't build all of their wealth. None the less, it doesn't matter if your a 1st generation farmer or a 5th generation farmer, or if your Paris Hilton, the tax laws don't care who you are or where your wealth came from.
I think you need to talk to a financial or estate planner if you haven't. The goal probably isn't how to pay the least amount of taxes, but how to secure their farming future so they can be successful. That could mean transfering assests prior to death or life insurance policies depending on ages and health. | |
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they make it nearly impossible to pass on a farm or business to your children
