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.
This story is from the December 2023 edition of Successful Farming.
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This story is from the December 2023 edition of Successful Farming.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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