
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

What Do We Owe Our Children?
Kids who think the farm will fund their retirement may be disappointed.

Off to a Good Start
Dairy calf and heifer experts give insights to their roles, and how they help farmers raise healthy heifer calves.

Protect Stored Grain
Grain bin monitoring can help ensure the quality of your crop.

When Do You Feed Your Crops?
Adjust fertilizer applications for better nutrient uptake.

Great Plains Narrow-Transport Tillage Tools
The new models retain the same features of their full-size counterparts, with a narrow, 12-foot transport width.

Planting Season Tire Inspection
Check those tires before it's too late.

Autonomy 2.0
John Deere reveals its next-generation autonomous system for tractors.

Clean Fields for Greater Yields
How to maximize benefits of spring burndown applications.

Another Route
What options might ethanol producers consider to lower carbon intensity if pipelines don't work out?

CLEARING THE CURRENT
Midwestern states have made progress in reducing runoff, but increased rainfall has made the task more difficult.