Land values have increased significantly over the past decade.
That means major tax implications for family farming operations. Very costly mistakes are being made by farm families across the Corn Belt. As laws change, it's important for families to update their plans.
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 should focus their practice in estate planning and must also understand farming. There are many strategies available, so it's important to work with someone who is able to take advantage of all the options. It's also very helpful to have a CPA involved in the process to integrate a tax strategy.
Water Street Solutions consults with the professionals you've chosen to help create and implement your unique legacy plan. We can also help you select the right attorney and CPA, if you'd like.