May 10, 2019

The primary goal of most individuals seeking advice regarding long-term care is to preserve assets for their children and to avoid having to sell everything to pay for the nursing home. This can be a challenging goal to achieve when much of a family’s assets consist of farmland.

It is important to note that assets transferred into most trusts or other legal entities are not excluded assets when applying for medical assistance....

July 17, 2018

The summer months can be a great opportunity that allows farmers to take care some

“legal housekeeping” items.

 One of these “housekeeping” items that farmers can take care of is updating their estate plan. Updating an estate plan, whether it be a will, trust, or transfer on death deed, is something that all individuals need to stay on top of. Family situations change constantly, and in a family business such as farming, staying...

May 31, 2018

Among the unique set of problems farmers encounter, estate and succession planning is often the most challenging. Determining when and how to transfer the farm is a long and not always straightforward process. This can include identifying the farm successor, making decisions about the growth of the farm, venturing into other agribusinesses, and articulating a vision for the future. While these tasks can seem daunting, having a...

October 19, 2017

If the farm land is owned by two separate trusts, under the current law, one of the trusts must lose the Ag Homestead Classification for all the farm land owned by that trust - disqualifying the farmer from using one of the biggest estate tax breaks available for family farms.

October 6, 2017

In 2016, the Department of Treasury proposed new regulations for Section 2704 of the Internal Revenue Code. The proposed regulations would have significantly minimized or eliminated discounts for family limited partnerships and other entities. Earlier this year, President Trump had directed the Treasury Department to review the proposed regulations. In early October, the Treasury Department announced it would withdraw its prop...

June 30, 2017

On May 30, 2017, Governor Mark Dayton signed ten budget bills, one of which is an exciting opportunity for Minnesota’s youngest generation of farmers. Minnesota’s farming population is aging; in fact, less than 6% of Minnesota farmers are 35 years old or younger.

The bill, authored by Representative Nels Pierson and Senator Mike Goggin, provides tax credit incentives to support the transition of agricultural land to young and b...