Big Muddy rancher
Well-known member
How come all these estate planning experts alway need control of your investments before they can tell you how you can pass you place on to the next generation?
Speaking of Succession planning
- Thread starter Big Muddy rancher
- Start date
per
Well-known member
For their own estate planning purposes.
gcreekrch
Well-known member
I could do that for you BM. 
Hayguy
Well-known member
a few years ago i had this estate planner/financial services/stock broker guy phone me to buy some of my hay. this guy was smooothe, he knew all there was to know about stock's bond's and succession planing,plus he wanted to buy a thousand bales of hay he checked out the hay and all was good so we commenced to load his pick-up, got loaded and he started talking about financing this hay :???: I was wearing my worst pin stripe bib's covered with oil and hay dust, I looked him square in the eye and said "do i look like a banker?" I then unloaded his truck in about 5minutes and told him to leave the same way he drove in 
he checked out the hay and all was good so we commenced to load his pick-up, got loaded and he started talking about financing this hay :???: I was wearing my worst pin stripe bib's covered with oil and hay dust, I looked him square in the eye and said "do i look like a banker?" I then unloaded his truck in about 5minutes and told him to leave the same way he drove in Maybe we have just been lucky, but haven't run into THAT problem.
The advice is pretty costly, but I'd rather share what we have with people working to help us than with Uncle Sam and his 'dependents'!
Regarding the comments so far on succession planning, we have been pretty fortunate in the family issues, but not so much in past family death tax situations. Even with some of the best planning available, we have had the family ranch crippled severely by taxes. I will admit once was due to a man believing equal was fair.....and leaving half the ranch to a daughter who may have loved the ranch but never lived on it nor did she contribute anything to it. She had no children, but Uncle Sam does NOT like neices and nephews to inherit, no matter that they spend the best years of their lives, beginning at early teen years, helping to make the ranch what it was at the time of her death.
We are trying our best to NOT leave our kids in the position of having to buy it yet again!
It does seem our government is now assisting young people who have lttle to no experience beyond a 'desire' to farm or ranch to buy ranches, but little help for those who have experience to buy into a family ranch which is able to support more than one family, it appears to us.
'Planners' really do need to be aware that the future of Agriculture in the USA is in jeapordy if Death Taxes continue to make it difficult to impossible for families to pass the business to younger generations.
It appears there will be quite a few families who are totally shocked at what the government will value Ag land when they are so 'hungry' for mmore and more money.
mrj
The advice is pretty costly, but I'd rather share what we have with people working to help us than with Uncle Sam and his 'dependents'!
Regarding the comments so far on succession planning, we have been pretty fortunate in the family issues, but not so much in past family death tax situations. Even with some of the best planning available, we have had the family ranch crippled severely by taxes. I will admit once was due to a man believing equal was fair.....and leaving half the ranch to a daughter who may have loved the ranch but never lived on it nor did she contribute anything to it. She had no children, but Uncle Sam does NOT like neices and nephews to inherit, no matter that they spend the best years of their lives, beginning at early teen years, helping to make the ranch what it was at the time of her death.
We are trying our best to NOT leave our kids in the position of having to buy it yet again!
It does seem our government is now assisting young people who have lttle to no experience beyond a 'desire' to farm or ranch to buy ranches, but little help for those who have experience to buy into a family ranch which is able to support more than one family, it appears to us.
'Planners' really do need to be aware that the future of Agriculture in the USA is in jeapordy if Death Taxes continue to make it difficult to impossible for families to pass the business to younger generations.
It appears there will be quite a few families who are totally shocked at what the government will value Ag land when they are so 'hungry' for mmore and more money.
mrj