By Mike Downy
Farm Futures
Reader Question: “We always see a lot of estate planning that involves several children receiving land or equipment, even if they are not physically farming. We plan to transfer everything to our son and daughter-in-law who are physically farming. I can't seem to ever find good advice on how to transfer the farmland, equipment, and house to them without causing ourselves huge income taxes in the following years.
Can you guide me on how to best transfer or sell everything to just one child? Thank you!” - Karen