Site
Search results
-
Basic Estate Planning: Tax Basis if Property Is Transferred
https://ohioline.osu.edu/factsheet/EP-3
Fact Sheet 3 EP-3 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... and simple, and it might seem like the best way to transfer a farm operation or family business to the ... some unrecaptured gain on depreciated property. If thirty years ago Dad bought a farm or other property ...
-
Basic Estate Planning: Sale of Residence
https://ohioline.osu.edu/factsheet/EP-9
Fact Sheet 9 EP-9 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... farm—qualifies for the $250,000 ($500,000 for joint filers) exclusion of gain from income tax. Furthermore, rules ... such as like kind exchange rules to defer income taxes on the gain in the value of business/farm ...
-
Basic Estate Planning: Introduction
https://ohioline.osu.edu/factsheet/ep-1
Fact Sheet 1 EP-1 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... might want business assets to stay intact, especially if there is a home farm. However, others might ... farm. Billy has an off-farm job and also farms the home place. Billy has stayed with Mom and Dad all his ...
-
Basic Estate Planning: Why Have a Will?
https://ohioline.osu.edu/factsheet/EP-4
Fact Sheet 4 EP-4 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... Ownership Community Family and Youth Farm Management living wills basic estate planning legal aspects of ...
-
Basic Estate Planning: Costs Involved in Transferring Property
https://ohioline.osu.edu/factsheet/EP-2
Fact Sheet 2 EP-2 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... A provision exists for electing to value farm property according to its value for farming both for Ohio and ... farm purposes. However, it might not be to an heir's advantage for inherited property to be valued ...
-
Basic Estate Planning: Giving
https://ohioline.osu.edu/factsheet/EP-8
Fact Sheet 8 EP-8 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... Mom, (a widow) wishes to transfer the farm to Son. The farm is worth $1,013,000 now, but because ... a four-lane highway interchange will be constructed near the farm, the farm is projected to be worth $6 ...
-
Basic Estate Planning: Letter of Instruction
https://ohioline.osu.edu/factsheet/EP-5
Fact Sheet 5 EP-5 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... for one of the children to purchase the home farm from the other children. After the mother's ... will was read but before the farm was appraised, one child indicated that it was the mother's ...
-
Basic Estate Planning: Life Insurance
https://ohioline.osu.edu/factsheet/ep-6
Fact Sheet 6 EP-6 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... assets (savings accounts, CDs, etc.) to cover settlement costs. Fixed assets often (house, farm ...
-
Basic Estate Planning: Trusts
https://ohioline.osu.edu/factsheet/EP-7
Fact Sheet 7 EP-7 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ...
-
Basic Estate Planning: Miscellaneous Issues
https://ohioline.osu.edu/factsheet/EP-12
Fact Sheet 12 EP-12 Community Development 07/06/2012 James C. Skeeles, Ph.D., Extension Educator ... after the death of your children. For example, let's say a farm is worth $2,000 per acre at your ... death and the farm is worth $3,000 per acre at the death of your children. If you gave the farm to your ...