AARP: Plan For The Future This Holiday Season
As farm families gather for the holidays, it’s a good time to reflect on the past and look to the future. Long-term success of your farm and passing it to the next generation requires careful planning. The AARP’s Sean Voskuhl says its best to not put off starting your estate plan.
“The last thing farmers want is their family fighting for their assets they leave behind. It’s critical you have a plan in place and knowing how the farm will be successful in the future will give you peace of mind. Having a plan in place will ease any unsuspected burdens on your family and make the transition to the next generation easier.”
Voskuhl said the holidays are a good time to get the conversation started, adding while it may not be an easy topic to bring up, it’s important to start the conversation and lay the groundwork for developing a plan. Meanwhile, tax season is just around the corner, and Vokuhl said now is also a good time before the end of the year to assess your tax situation.
“Talking now with your tax advisor can help save you headaches when it comes time to file your taxes. A tax advisor can help determine what steps you may need to take now or early next year. By planning early for your taxes, you’ll know what to expect come tax time. And remember, the IRS takes deadlines and penalties seriously," Voskuhl added. "Don’t procrastinate when it comes them.”
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