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Ag tax planning in summer turns to estates, etc.

Summer can be a time for farmers to focus on estate tax planning and other tax issues. Mary Sobba, an ag business specialist with the University of Missouri, says there are a lot of questions that need answering, “What happens when a farmer passes? What are some of the things that need to happen tax-wise? What are dynasty trusts and can those be used for estate planning? What are some of the implications and things, tax-wise, that can happen with those? (Also), sale of a decedent’s residence.”

She says this is also a good time for long-term care planning and exploring the different strategies that go along with it. Sobba says a lot depends on one’s income tax bracket and age – and farmers should talk with their tax expert about those.

MU Extension is holding a Summer Tax School in Columbia, Missouri on July 6th for farmers. Register by June 22nd, 2017.