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

Note: CPE credit is not offered on this program

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

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Conducted on Thursday, September 30, 2021

Recorded event now available

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Course Materials

This CLE course will guide estate planners and administrators on the critical legal challenges of estate planning for farmers. The panel will discuss federal and state regulations impacting the planning and administration of farm assets, ownership structures and associated risks, and key estate administration challenges.

Description

Estate planning for farmers and ranchers involves unique challenges that differ from that of other clients. Recent state regulations and developments from the IRS significantly impact the implementation of income and transfer tax planning methods for farm and ranch businesses. As a result, estate planners and administrators must acquire a complete understanding of 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 goals drive estate planning. Various mechanisms involve a careful analysis of ownership structures, income and estate taxes, the use of lifetime financial transfers, and other items that are crucial in avoiding devastating pitfalls in the estate planning and administration of farm assets.

Listen as our panel discusses state regulations and current federal tax law provisions 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, estate tax planning techniques, and overcoming estate administration challenges.

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Outline

  1. Impact of tax reform on estate planning for farmers
  2. Ownership structures and associated risks
  3. Effective transfer methods
  4. Income, gift, and estate tax considerations
  5. 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 avoid potential planning pitfalls?

Faculty

Klomparens, Robin
Robin L. Klomparens, J.D., LL.M.
Partner
Wagner Kirkman Blaine Klomparens & Youmans

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

Wagner, Belan
Belan K. Wagner
Managing Partner
Wagner Kirkman Blaine Klomparens & Youmans

Mr. Wagner has over 35 years of in-depth experience in business, taxation, tax planning and controversy resolution,...  |  Read More

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