From the Farm: Land price issues
Share this @internewscast.com

CENTRAL ILLINOIS (WCIA) — University of Illinois ag economist Gary Schnitkey says higher land values not only draw higher estate taxes, but create challenges in handing down the farm to the next generation.

One of the things these high land values does is causes it hard to be equitable to the generation that is going to continue farming, and probably receive that farmland, and making it up with other assets that have not appreciated for the non-farming heirs is a big deal,” Schnitkey said. “An 80-acre farm is worth over a million dollars in central Illinois and how do we be equitable when passing it on to the next generation.

Stu: So what should people do to start that planning, other than right now?

“One of the things is begin to think about it, and not leave it to the end, but the point is to be fair and communicate, so if we have one generation that is going to receive the farm, for example and another that won’t, we make those wishes known while the older generation is around,” Schnitkey said. “The other thing to think about is if you are transferring the asset, make sure, to the next generation that we make that transfer as simple as possible for the next generation to manage and by that to keep plots of land separate from one another so that individuals don’t have to make decisions with the consent of everyone else, and just think through those things, and it’s a matter of thinking through those things and communicating.”

Stu: Is there an easy way to do it all?

There’s not an easy way, you just have to make decisions, and think it through, and its important to communicate those desires sooner rather than later,” Schnitkey said.

That’s our report from the farm, I’m Stu Ellis with WCIA-3, your local news later.

Share this @internewscast.com
You May Also Like

Librarian starts collection with hundreds of artifacts left behind in books

Cracking open a good book can take you on an adventure —…

The economy SHRANK 0.1% between April and June amid cost-of-living fears

The economy SHRANK 0.1% between April and June as fears over the…

Jury Fails to Reach Verdict After Mom’s Boyfriend is Accused of Beating Tot Dead with Metal Table – Crime Online

An Australian jury failed to reach a verdict in the trial of…

Grovetown man arrested involving murder of Morris Harden, Jr., investigation ongoing

BURKE COUNTY, Ga. (WJBF) – A Grovetown man has been arrested involving…

How to master the lost art of small talk – from an etiquette expert

The weather was perfect, the setting glorious and the newlyweds beamed with…

Man sentenced to 18 years for deadly DUI crash

SPARTANBURG COUNTY, S.C. (WSPA) – A Woodruff man was sentenced to 18…

New remains discovered at Lake Mead may be linked to bones found last month

Human remains found at Lake Mead National Recreation Area last weekend may…

Man who tried to breach Ohio FBI building in active standoff

() — An armed man attempted to break into a security screening…