Shuffling through income and estate tax planning for the family farm can be draining and stressful, but it is extremely crucial to successfully transition the farm to the next generation. We had the opportunity to visit with Kevin Mills, CPA, and Jim Rein, Head of Estate Planning and Next Generation Division, with K·Coe Isom at the National Association of Farm Broadcasting convention in Kansas City to find out what their recommendations are for young farmers who want to take over the farm. Both Mills and Rein said the next generation needs to get aggressive asking succession planning questions and even consider an outside expert to help mediate between the two parties. As Mills pointed out, sometimes dad and son are saying the same thing, but not communicating their goals …
