H.R. 1 (commonly called the One Big Beautiful Bill Act – OBBBA) included numerous provisions impacting agricultural operations (some positive, some negative). For today, we will focus on three.

We could extensively discuss the misuse of the phrase “estate planning” to describe what should be called “transition planning” for ag operations. Instead, I’ll simply summarize by saying an estate plan is more than just a last will and testament, and should plan for the remainder of your life as well as your intentions after your death.

When I first came across the Corporate Transparency Act of 2021, I thought, “Oh, this is probably a Wall Street thing.” But turns out, it's actually an “almost everyone except Wall Street thing.”

When someone hears “estate plan” they generally think “will.” However, for today, I want to focus on the other estate documents beyond a will – there are many!