Land values have increased significantly over the past decade. This has large tax implications. Very costly mistakes are being made by farm families across the corn belt. It's important for families to update their plans as laws change.
Legal documents like wills, trusts and powers of attorney are needed. It's critical to engage an attorney in this part of the process. We suggest a couple of ideas as you seek an attorney. First, the attorney must focus their practice in estate planning and they must also understand farming. There are many strategies available for the farm family so it's important to work with someone who is able to take advantage of the options. It's also very helpful to have a CPA involved in the process to integrate tax strategy. Water Street Solutions consults with the professionals you've chosen to help create and implement your unique plan. We can also help you select the right attorney and CPA, if you need.