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
Achieve Optimum Traction
Properly ballast tractor tires in six steps.
Building From the Ground Up
Robert Lager is a leader in soil conservation and community service in northwest Missouri.
TANNENBAUM TRIVIA
Avoid divisive topics at the holiday dinner table and share these interesting facts about Christmas trees instead!
BEHIND CARBON DATA VERIFICATION
Third-party data verification can increase profits from carbon programs.
VACCINES AND MANAGEMENT
Vaccines won't dig you out of a management hole.
Tough LOVE
FROM BLIZZARDS THAT BURY BUILDINGS TO GRASSHOPPER INFESTATIONS OF BIBLICAL PROPORTIONS, THE KVALE FAMILY HAS SURVIVED AND THRIVED ON THE RUGGED SOUTH DAKOTA PRAIRIE FOR MORE THAN 100 YEARS.
CUT COSTS, NOT YIELD
When soil health improves, fewer inputs may be needed.
SMALL, BUT MIGHTY
Trace minerals play a critical role in ensuring dairy herd health.
BEEF HEALTH
Advice on killed vs. live vaccines, long-range dewormer, and nutrition.
WHOOPING CRANE COMEBACK PROVES VALUE OF CONSERVATION
Farmers have aided a stunning rally by an endangered species.