The IRC section 1031 exchange is one of the most powerful tax-saving and wealth-building tools available for people who own highly appreciated land.

The charitable remainder trust (also called a CRT) allows a family to sell highly appreciated land as well as livestock, crops, machinery and equipment and bypass taxes on the sale.

This article is part two in a two-part series. Click here to read part one of Avoiding probate with beneficiary designations: Part one Transfer on death (TOD) deeds, also called beneficiary designation deeds, are becoming a popular estate-planning tool for many. They are a simple and low-cost method for a person to avoid probate on real property.

This article is part one in a two-part series. Click here to ready part two of Avoiding probate with veneficiary designations. Probate can be costly and time-consuming – and subjects your personal information to public record. Completing a beneficiary form is a simple way to avoid probate on specific assets by designating who will receive the asset upon their death.

An S corporation, unlike a regular C corporation, is able to avoid double taxation because it is not required to pay corporate income tax on the profits of the company. All profits and losses are passed directly to the shareholders of the company.

The IRC Section 1031 Exchange has been a very valuable tax-saving and wealth-building tool for agricultural families for nearly 100 years. Upcoming tax reform threatens to eliminate the 1031 exchange. Your input could help to preserve this important financial tool.

As a financial adviser to agricultural families for 25 years, it has been my observation that very few ranchers have any significant dollars in retirement plans when they retire.

In my 26 years as a financial adviser to ag families, I’ve learned that farmers and ranchers hate paying annual income taxes. Sadly, however, many fail to avoid paying tax on the biggest tax event of their lives – when they sell their farm or ranch.

A charitable remainder trust (CRT) enables a family selling a farm or ranch to avoid or defer tax on the sale and generate lifetime income for retirement. In addition to saving taxes and generating a lifetime income, a CRT provides several other benefits:

You’ve worked hard to create the equity in your farm or ranch. When it comes time to sell, you need to work smart to preserve that equity and to make your money work as hard for you as you’ve worked for it.