NwmoW900 - 4/4/2021 06:59
I agree with some of that but also have a different idea of what I will do if tax laws allow. I will rent all my land at a very fair rate or crop share with my kids. I plan to help them buy new acquisitions if needed. To expand a family farm you can’t be paying for the same land over and over. I’m 31 with my oldest being 5 so I have a while. Still farm with my dad and we have bought several farms together over the last 10 years. We have been able to buy way more pooling our funds together.
Crop sharing with the kids sounds like an excellent way for the parents to still get all of the tax deductions while allowing the kids to take over.
I like this plan. |