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Farm Estate Taxes And The New Red Ford 150 Pickup
Not long ago I ran into an old client sitting proudly in his new red pickup. He was from the old days when I was pretty new at helping farmers revamp their family farms for the future as a farm family insurance agent. I had not seen him for quite a while.
He is a little older than me, still hanging around the farm, even though he has pretty much turned things over to his youngest daughter and son-in-law,
His 16 year old grandchild sat proudly beside him, amazingly it was his grandson who was behind the wheel. I couldn't believe it, I had to ask to see his license he looked so young.
I asked my old customer if he was nuts or what letting the kid drive his brand new pick up, it had less than 3,000 miles on it. He actually did look a little scared sitting there in the passenger seat.
His response, "how else is he going to learn, his father will not take him out and his mother's too busy ,., besides he asked if he could drive me to the coffee shop."
What drives folk mad about youths is they're going to ask for what they want to do and we have to work out why they really shouldn't do it.
3 things came to mind a week or so later when I was reading about estate taxes and the claim by some that estate taxes are a massive threat to passing down the farm to their successor generation.
As the farm's largest asset is the land, infamously illiquid and whose price often climbs during good times and bad - estate taxes suck the heart out of the business at the worst possible time.
I'm absolutely certain there are statistics to "prove" that the ultimate failure of otherwise successful farms is thanks to these taxes.
It was interesting to consider. My old client's father knew that all three of his boys wanted to farm and their Ford Garage may not have the capability to make room for a of them. The additional land was the ideal solution, if only they could get it right.
The old client (basically it was his dad) I was talking with was ready to double the dimensions of their holdings back in the 60's by buying the farm of a neighbor whose family had to sell up to pay their taxes and other expenses when the old man died.
Reputedly he had failed at the end, not because of the taxes, but as he didn't do anything to reduce them, divide them, delay them, or discount them during the time when he was alive.
The reality is that is wasn't the taxes fault. That was the law of the land and everybody knew it. They don't keep it a secret and surprise your successors at your funeral.
My old customer had seen how things had worked out for their neighbor and pushed his pa to start to plan for their future. By the time I met him his father and mom had passed way and he was prepared to start the method for his family.
The second thing that came to mind was a query. Why do successful farmers put off developing a succession strategy so that the farm business can survive from one generation to the following? Why do they do something that leaves the farm family in danger and sets up an unready next generation for failure?
Why are not more farmers and ranchers rushing to get help developing a good succession and estate plan?
The kid behind the wheel gave me the solution to that.
He wasn't sufficiently old to be frightened to rap about it. He wasn't scared his grand father would say no, and even if he did he would still have a chance to ask him again at the coffee shop in front of his mates.
As we grow older we find it tougher to sit down with family members and express what we want the future to appear like, for ourselves and the others.
If you are one of those people who will wait for the govt. to do whatever it may do about taxes or anything else, your family will have the opportunity to sell your farm someday at an auction where your neighbors will be there to pick up the pieces of your estate for 10 cents on the buck
On the other hand, if you are like that 16 year old kid and not afraid to talk about it, you simply might be stunned with the end result.
It's possible that just about everyone else has been waiting for your to bring it up.
Don't disillusion them.
Successful farm insurance agents play an important role in the monetary security of the small company owner's farm and their family. They're the only advisers who bring cash to a crisis to replace the assets lost. To nc farm bureau insurance agents, providing security is their only mission.
KYUSS - molten universe