‘Farmers, loggers and other agriculture workers often have their wealth tied up in their homes or work property. Business consultant Mike Salisbury of American Falls, Idaho, has spent more than three decades helping farmers plan their financial futures. He said the biggest concern for most is succession _ whether any children want the farm once a farmer retires.
“Now, statistics pretty well show that about two-thirds of farm families do not have successors interested in coming back into the business,” Salisbury said.
Without someone to take over the family business, farmers look for an exit strategy, he said. “There are some really complex tax ramifications for when a farmer decides to stop farming.”
He said farmers approaching retirement want to know how to convert the equity in their land, fixtures, buildings and machinery into cash without having to pay the upper tax rates or having to pay taxes in a lump sum the day assets are sold.
“We like to think of our farmers as just barely getting by and dirt poor,” Salisbury said. “For the vast majority of farmers today, the ones that survived the economic crash of the `80s, they’re probably in pretty good shape.”‘
“Retirment Unlikely for Some Blue-collar Americans” By EMILY WAGSTER PETTUS Associated Press
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