Keep The Farm in the Family and the Family on the Farm event
MCF Newsroom Reports
WATFORD CITY, N.D. - Area farmers, ranchers, and small-business owners will have a chance this week to learn about lesser-known IRS tools designed to protect family legacies and reduce taxes.
Financial Wealth Solutions is hosting a free educational event at the Rough Rider Center in Watford City on Thursday, Dec. 4, with two identical sessions scheduled for 3 p.m. and 7 p.m. Registration is available through Eventbrite, though walk-ins are welcome.
“This one costs you absolutely nothing,” said Scott Hennen, who announced the event in a recent conversation with Financial Wealth Solutions representative Jon Haug. “But you want to be at this event because you’re going to learn a ton.”
Haug said the seminar will focus on retirement and estate-planning options that can help agricultural families pass farms and ranches to the next generation in a tax-advantaged way. He pointed to specialized sections of the tax code-such as 412(e)(3) and 401(a-that many producers and even some professionals may not fully understand.
“We help people set up a way to pass their farm or ranch onto their kids in a tax-advantaged way this year, every year, and in the future,” Haug said. “Their kids won’t have to pay as much in estate taxes and their legacy stays intact.”
One major concern for many families, Haug added, is maintaining fairness among heirs, especially when one child remains on the operation while others live elsewhere. Without proper planning, the farming heir may face pressure to sell land or take on debt to cover taxes or buy out siblings.
For the full story, visit www.watfordcitynd.com and subscribe to the McKenzie County Farmer today!