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Estate Planning for Farm and Ranch Owners: Key Issues for Planners and Administrators

Ownership Structures, Effective Transfer Methods, Income and Estate Tax Considerations, Estate Administration Challenges

Recording of a 90-minute CLE/CPE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, August 6, 2024

Recorded event now available

or call 1-800-926-7926

This CLE/CPE course will guide estate planners and administrators on the critical legal challenges of estate planning for farmers. The panel will discuss the uniqueness of estate planning for farmers and ranchers, ownership structures and associated risks, and critical estate administration challenges and pitfalls that can be avoided.

Description

Estate planning for farmers and ranchers involves unique challenges that differ from that of other clients. State regulations and developments from the IRS significantly impact the implementation of income and transfer tax planning for farm and ranch businesses. As a result, estate planners and administrators must understand particular rules and considerations applicable to farmers and farm assets.

For farms and farm assets, transitions can be a lengthy and complicated process upon a decedent's death. The scope of the farm, type of assets, and the stakeholders' goals drive estate planning. Various mechanisms involve a careful analysis of ownership structures, income, estate taxes, lifetime financial transfers, and other items crucial in avoiding devastating pitfalls in the estate planning and administration of farm assets.

Listen as our panel discusses issues impacting estate planning for farmers and ranchers. In addition, the panel will review ownership structures and related issues, methods to transfer farm assets and income, and overcoming and avoiding pitfalls that arise prior to and after the death of a farmer and rancher.

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Outline

  1. Estate planning for farms and ranches versus traditional planning
  2. Ownership structures and associated risks
  3. Dealing with the transition nuances
  4. Pitfalls in estate planning and overcoming administrative challenges

Benefits

The panel will review these and other key issues:

  • How does estate planning for farmers differ from that of other clients?
  • What are the most effective ownership structures and related risks?
  • What transfer methods are available, and how to best avoid potential planning pitfalls?

Faculty

Kern, Riley
Riley C. Kern
Managing Partner
Tallgrass Estate Planning

Mr. Kern is the founder and owner of Tallgrass Estate Planning where he is a managing partner with his wife, Laurel...  |  Read More

Klomparens, Robin
Robin L. Klomparens, J.D., LL.M.
Director
Fennemore WKBKY

Ms. Klomparens specializes in income, state and local estate and gift taxation. She advises clients on business...  |  Read More

Smith, Marty
Marty Smith
Partner
Bond Arnett Phelan Smith & Carreras

Mr. Smith's areas of practice include Agriculture Law, Business & Commercial Law, Environmental Law, Litigation...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video