LINCOLN – Tax season brings an especially important reminder to the farm: preparing for the future through estate planning.
As farmers prepare taxes, it’s a good time to start a conversation about the future, according to AARP State Director Sean Voskuhl.
“Tax season is a good time, because you’re already compiling assets, making important business decisions, and preparing for the year on the farm. 57 percent of U.S. adults don’t have estate planning documents such as a will or living trust. Be sure you’re not one of them, because good estate planning can help transfer both the land and the business from generation to generation.”
Voskuhl says estate planning involves a team approach and communication with all parties is key because of the important decisions you will be making.
He encourages you to stay organized as a good estate plan only works if it’s maintained.