Shouldn't it be considered from all angles, including transition to the next generation, if that is wanted, simplifying management and bookkeeping, liability protection, AND taxes?
Lord knows, most of us in agriculture are hit hard by ALL forms of taxes from property to sales to income, and many will be shocked at the estate tax liability if you own ANY land that has increased in value since purchase.
We transitioned years ago from ranching with our parents and siblings to where we separated prior to the parents deaths. Now, we and our children have five separate families, from early twenties to mid-seventies in age, with cattle owned by the individuals, working together, with younger ones on wages, too, and our land is in an LLC and other mechanisms for estate and ranch transition planning for the future without we senior members. May not be right for everyone, but it seems to be working well for us..........so far!
mrj