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Collecting Information

Collecting Information. Personal Family details (step relationships; marital history) Key business people (any non-family?) Financial Values (fair market, agricultural, development, subsurface) Joint (survivorship rights, life estate) Restrictions (ACE, roll-back taxes).

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Collecting Information

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  1. Collecting Information • Personal • Family details (step relationships; marital history) • Key business people (any non-family?) • Financial • Values (fair market, agricultural, development, subsurface) • Joint (survivorship rights, life estate) • Restrictions (ACE, roll-back taxes)

  2. Gathering Documents • Family (pre-/post nuptial) • Operational (buy/sell, first refusal, option) • Asset (deeds, non-farm leases) • Estate planning (wills, trusts, powers of attorney, living wills)

  3. Establishing Goals • Financial security (for whom?) • Equal v. equitable distributions • Continuation or liquidation of business • Control (by whom?) • Tax reduction/minimization

  4. When to Implement Your Succession Plan • Involuntarily – (death or disability) • What if you die or become disabled today? • Your business will be transferred – planned or unplanned • Voluntary - a planned succession • Usually a 25-year process • Non-real estate – begin by age 30 • Real estate by - begin by age 45

  5. “Sample” Timetable for Transition of Farm Business within Family

  6. Tax Considerations • Death/gift (federal and state) • Income (ordinary, capital gain) • FICA and self-employment • Real estate (Clean and Green) • Realty transfer (family farm/ familial exemptions) • Capital stock (impacts corporations and LLCs) • Sales/use (vehicles)

  7. Non-Tax Considerations • Control of Operation/Assets • Legal Entity (liability exposure) • Liquidity issues for non-liquid business/farm • Marital issues (divorce) • Nursing home care expenses/Medicaid • Windfall gain from early departure • Government farm programs • Beginning Farmer Programs • Payment limitations

  8. Ag Law Group @ Mette, Evans & Woodside Gary J. Heim, Esquire (gjheim@mette.com) Jennifer Denchak Wetzel, Esquire (jdwetzel@mette.com)

  9. Mette, Evans & Woodside 3401 North Front Street P.O. Box 5950 Harrisburg, PA 17110-0950 Phone: (717) 232-5000 Fax: (717) 236-1816 www.mette.com

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