Inheritance is a complicated process, particularly when farmland is involved. In a recent piece for Successful Farming, author Jodi Henke spoke with a University of Nebraska educator, Allan Vyhnalek, about the complications that come with farmland inheritance.
Vyhnalek pointed out the following areas of consideration for people who inherit farmland:
- The tax consequences of inheritance—there can be capital gains issues if the inheritor wants to make an immediate sale of the property.
- Issues arising from hurt feelings regarding the distribution of inheritance among family members.
- Decisions about what to do with the land—inheritors have many options.
The educator concludes that the key to tackling the issues he outlines is clear communication about the goals, objectives, and desires of all parties involved. For further details, click here to read the article in full at Successful Farming.