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Not only that, but you potentially incorporate individual fields as their own legal entity. Maybe there is a lawyer or accountant here who can speak to the adva
by poulsbohemian 13y ago
Not only that, but you potentially incorporate individual fields as their own legal entity. Maybe there is a lawyer or accountant here who can speak to the advantages, but I know from brief conversations with my accountant (who works with a lot of wheat famers) that most set up each thing as a separate entity under one or more holding companies, and each holding company is potentially in the name of the kids or grandkids even if still controlled by mom and dad or the grandparents.
- protomyth 13y agoI was told the inheritance tax (aka death tax) was a major driver of a lot of accounting in farm country. Also, widows tend to rent out the land and it makes accounting for the profits a bit easier. I believe the inheritance tax is just a bad deal for a lot of people and only makes accountants and lawyers rich.