Join Andy Biebl, Lance Woodbury and Myself

• October 15, 2014
• Paul Neiffer

DTN/Progressive Farmer puts on an Ag Summit in Chicago every year in December.  This year on Sunday December 7 from 1 pm to 5 pm, Andy Biebl, Lance Woodbury and myself will be doing a joint presentation on Farm Retirement and Transition Planning.   Some of the key topics that Andy and I will be presenting from an income and estate tax viewpoint, include but are not limited to:

Transitioning the farm with a successor:

• The income tax consequences of an outright sale of equipment, inventory and land;
• Should you lease machinery are sell it for cash or on an installment sale;
• How to use a corporate entity to transition operating assets;
• The interplay of gifts and sales for land transfers;
• The use of a limited liability land entity.

Transitioning the farm without a successor:

• The use of a charitable remainder trust for grain and machinery sales;
• How to use a cash balance retirement plan to reduce excess grain inventories;
• How to deal with land trapped in a C corporation;
• Does a limited liability land holding entity make sense?

There may be a few more topics that will be covered, but this is the tentative agenda for right now.  Lance Woodbury will cover some of the key family dynamics that many times get left to last moment and it usually makes more sense to address them up front, than in the middle of a transition.

Here is a link to the DTN sign-up for the seminar.  I hope that many of you will attend our presentation on Sunday and stick around for the regular Ag Summit on Monday to Wednesday.  One of the best parts of this business is meeting our readers at events like the Ag Summit (I just wish I had more time to meet with everyone).

Paul Neiffer, CPA

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