Second Generation Planning?The Corporate Division Alternative
Burnell E. Steinmeyer Jr. and Todd D. Turner
48 PROBATE& PROPERTY � NOVEMBER/DECEMBER 2006 Bob Daly Successful transition planning for a family farming operation requires, among other things, that the ownership of the farming assets (land, equipment, and livestock) be transferred from the parents (first generattion to the children (second generatiion in a manner that eliminates or minimizes gift, estate, and income taxes. The ease of the transition will depend in part on the first generation’s decisions concerning the ownership and...