My wife and I are both 75 years old and we own 700 acres with no debt. We have more income than we could have ever imagined when we started farming, and we don't need it all. One child is farming with us, so we have time and financial freedom. Every year we think about gifting, but we never do anything big. Sometimes I think we should give big and sometimes I think we shouldn't do anything at all. What are the rules or the advantages and disadvantages of gifting? - Submitted by email from J.B.
Solutions:
Here are several options including why, when, how, how much, and to whom — to consider when you make these decisions.
•Why give? I will assume you love your children. They probably could use the money more now for their family or business than when they are 65. It could help your estate from growing into an estate tax problem and, depending on the nature of the gift, it may reduce your income taxes.
Diese Geschichte stammt aus der December 2023-Ausgabe von Successful Farming.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 2023-Ausgabe von Successful Farming.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Delivering Water With Precision
Drip irrigation offers the opportunity to conserve water and improve crop health.
Reducing the Risk Around Pesticides
Consider these top safety tios when working around necessary chemicals.
BRINGING BUFFALO BACK TO STANDING ROCK
For Ron Brownotter, buffalo are more than just livestock. They're a connection to his ancestors and a way to uplift his family and community.
Has Our Un-Insurability Wrecked Our Plan?
'I've never been a fan of life insurance. I was skeptical when it was for -presented as a way our farming son to buy out our other two kids through our estate.
Unlock Yield Potential of Early-Planted Soybeans
Sulfur applications can increase nitrogen fixation and nodule formulation.
Bigger.Faster.Smarter?
Larger machines can boost productivity, but consider these factors first.
Preseason Planter Prep
Showing your planter a little love in the offseason can make a big difference at harvest.
A Perfect Match
Hearts may be the first thing that comes to mind when you think of Valentine's Day, but for this lowa couple, a kidney was the ultimate gift of love.
A New Era of Pesticide Regulation
What does EPA‘s final Herbicide Strategy mean for farmers?
Diversifying Livestock and Business
This South Dakota ranch's plan for survival includes cattle, sheep, and water distribution along with rangeland management and other income sources.
