Research shows there are twice as many farmers and ranchers over the age of 65 as there are under the age of 35, and that 69% of ranchers and farmers want to pass the operation on to their children, says Lucy Meyring, who along with her husband Danny, operate Meyring Livestock Co., a fifth-generation ranch in Colorado’s North Park, near Walden.
Sydney Smith, an 18th century English writer and clergyman, once advised: “Take short views, hope for the best and trust in God.” While the third part of Smith’s advice is everlasting, the first two components aren’t very conducive to running a family business today. Running a successful multi-generation ranch today takes a long-term outlook and careful planning....More
The terms “fair” and “equal” are often used interchangeably. However, according to Scott Heintzelman, CPA with McKonly and Asbury LLP in Camp Hill, PA, the two aren’t synonymous, especially when it comes to passing the family ranch or farm to the next generation....More
Farmers recently received some welcome tax relief for machinery and equipment purchases, says Roger McEowen, director, Iowa State University Center for Agricultural Law and Taxation...More
Repeal of the estate tax, or death tax, as it's often termed by its detractors, has long been championed by ag commodity and small-business groups...More
Ralph and Maxine Jones are evangelists for repeal of the federal estate tax, for good reason. Their family operation in Midland, SD, has been impacted...More
If your idea of communication is shouting at your wife (or kids) to close the gate, or when a son or daughter approaches you with We've got to talk, you...More
While many family-owned businesses have a long-term objective of passing the business on to the next generation, in reality only about 30% of all family-owned...More
