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Need legal advice on Family Ranch Land
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<blockquote data-quote="Jogeephus" data-source="post: 1159989" data-attributes="member: 4362"><p>Your partially right but there is a limit on gifting and if you raise the flag the gift tax is the same as the death tax.</p><p></p><p>Best way I've seen to do it is to form a corporation and have shares of stock. You don't need attorneys and trustees for this. You can give the shares of stock to your children when the corporation's assets are at their lowest during the year. You, as president, can pay yourself a salary and control everything. If you plan it right, and your children are trustworthy and understand what you are doing, you can gift everything to them before you are needing to go to the nursing home. The bad thing is if your children are not trustworthy you will end up giving them control of everything and they could put you in a cardboard box on the street. The good thing about this is if you have a child that gets stupid and wants to cash out then their shares of stock are not worth anything to an outsider and a family member - one who cares about the farm - can buy the shares for a fraction of their true value and your wishes of seeing it stay in the family is fulfilled.</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 1159989, member: 4362"] Your partially right but there is a limit on gifting and if you raise the flag the gift tax is the same as the death tax. Best way I've seen to do it is to form a corporation and have shares of stock. You don't need attorneys and trustees for this. You can give the shares of stock to your children when the corporation's assets are at their lowest during the year. You, as president, can pay yourself a salary and control everything. If you plan it right, and your children are trustworthy and understand what you are doing, you can gift everything to them before you are needing to go to the nursing home. The bad thing is if your children are not trustworthy you will end up giving them control of everything and they could put you in a cardboard box on the street. The good thing about this is if you have a child that gets stupid and wants to cash out then their shares of stock are not worth anything to an outsider and a family member - one who cares about the farm - can buy the shares for a fraction of their true value and your wishes of seeing it stay in the family is fulfilled. [/QUOTE]
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Need legal advice on Family Ranch Land
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