Transitioning Farm Business to the Next Generation
Founding Member Rick Tarulis recently assisted two different farm families transition to the next generation of owners and operators. Both families had substantial land holdings in multiple counties, and of course unique family dynamics. In one case, a Family Farm Partnership was created. In the other, a Family Farm LLC was created. In both cases, income and estate taxes were reduced or avoided, future probate was avoided, and family harmony was preserved. Rick is now working with the third generation of these families on their estate plans.