As a farmer, you likely know a lot more than most lawyers about managing the lifecycle of livestock and crops. But often, a qualified lawyer will know more about what it takes to keep your farm in your family for the next generation. Finding a lawyer you trust is important in making that happen.
Protect Your Assets
If you have spent most of your life managing your farm, odds are that you will have considerable assets. These might include buildings and land, livestock, machinery and equipment, and inventories. Rather than giving most of it to the government in taxes, take some time to set up proper planning techniques. This is essential in property transfer or retirement.
How do you transfer an asset like a farm? Sell it. Give it away. Keep it until you die so that your heirs will inherit. Transfer assets to a trust. That sounds simple. But throw in tax basis calculations and asset depreciation, and it becomes more complex. Developing a solid plan with a trusted attorney before you plan to retire or transfer your assets is sound advice.
Unsworth LaPlante, PLLC has the experience and knowledge to help Vermont farmers craft workable solutions. We welcome the opportunity to work with you in your Business Planning needs.
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