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As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues.
The July Ag Economists’ Monthly Monitor showed several key changes from June including a bigger cut to corn and soybean yields, a drop in corn and soybean prices and more bullish cattle and hog prices.
The poet Ovid said, “Dripping water hollows out stone, not through force but through persistence.” This quote perfectly encompasses a key in business success: small habits done repeatedly truly do add up.
This year, more than ever, requires you to spend time with your tax adviser to pin down the right amount of taxable income to report. Good luck.
Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.