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| I'm just pointing out the contrarian view for everyone to here. The financial services industry didn't get the reputation of being crooks and being regulated by being saints. With all of your experience you seen the industry go through the UL lawsuits and I'm sure you have seen some less than ethical things said or done by agents. The worst investment I have is a annuity the fees and performance should be criminal.
boone "By far and away, not even close, the best financial tools for retirement income planning and estate planning come from the tax and technical departments of leading innovative insurance companies. That’s a fact I’m not willing to cast aside simply because I’m unwilling to learn the concepts and how they can benefit me in retirement and farm/business transition/succession planning."
This is also changing with the reduction of estate taxes. I also have to laugh how people waste more money to avoid paying taxes than the would've paid in taxes in the first place. Stock traders do this and farmers both do this. Some extremely wealthy people may be able to get more benefit from insurance and assurance products but not most on this site and the hard part is knowing when someone is going to pass.
How both options could play out
A) Sell farm pay taxes, real estate agent commission, pay annuity agent commissions, pay high annuity fees, maybe the annuity pays a death benefit upon your death maybe not depends on policy, hope the assurance company doesn't go bankrupt with your million dollars. End result is the families wealth will likely be completely eroded and the grandkids will likely receive no benefit from farm.
B) Farm is kept in family ownership and cash rented which keeps steady income for family, keeps up with inflation, and could be transferred to multiple generations of the family.
I'm glad my family keep the farm and gave me a nice head start which I added to for next generation, I owe much of my success to previous generations. Most on here would have to the same if they are honest.
I agree with the others below only way to realize the capital appreciation of the farm is to sell it but besides the guy that turned $12k into a $million on apple stock how many will be able to sell farms and equipment, pay all the taxes, and then invest millions in something that will make back the taxes paid and grow at a faster rate than the farm land? Anyone know somebody that did this? I don't know of any of the smart ones that sold out in the 70s at the peak that have anything left. Sometimes it just best to stick with what you know. Now investing the cash rent check in stock market to diversify is a good idea.
See a lawyer for legal advice, accountant for tax advice, and insurance agent for term insurance.
Sorry boone nothing personal, I put another view out there but everyone has to decide for themselves.
Edited by mikeswoh 2/12/2019 13:58
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Another investment question
