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Don’t Bet Your Farm: An Estate Plan Can Help Preserve Assets

As farm land prices increase and equipment, buildings, and other assets are added, farm valuations can often exceed the federal estate tax exemption, making estate planning crucial for preserving one’s farming legacy.

Hembree Brandon

May 20, 2013

1 Min Read
Don’t Bet Your Farm: An Estate Plan Can Help Preserve Assets

There are two things you need for your farming operation, says Ed Gillentine: an estate plan and a knowledgeable, trusted tax professional. Otherwise, he says, the consequences to you and your heirs could be unnecessarily costly.

“I’ve worked with hundreds of estates, and I’ve never seen an estate that worked out well without some type of plan,” he said at the annual meeting of the Mississippi Land Bank. “Given the outlook for further growth in land prices in the coming years, and the increasing value of your equipment, buildings, and other assets, I can promise you: if you don’t have a plan, you’re going to get hosed.”

Gillentine, a Certified Financial Planner and Chartered Financial Consultant with the Memphis firm, Williams & Gillentine Legacy Planning LLC, specializes in large estate transfers and philanthropic strategies, focusing on research, planning, and wealth management for families in the highest tax brackets.

“You may not think you have an estate large enough to worry about,” he says, “but with today’s land prices and the value of equipment, storage bins, and other assets, it quickly adds up.”

To read the entire article, click here.

 

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About the Author(s)

Hembree Brandon

Editorial director, Farm Press

Hembree Brandon, editorial director, grew up in Mississippi and worked in public relations and edited weekly newspapers before joining Farm Press in 1973. He has served in various editorial positions with the Farm Press publications, in addition to writing about political, legislative, environmental, and regulatory issues.

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