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Full-Text Articles in Business
Ideas For Estate And Transition Planning: Gifting Ownership, Jessica J. Groskopf
Ideas For Estate And Transition Planning: Gifting Ownership, Jessica J. Groskopf
Center for Agricultural Profitability
For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This article is part of a series that will highlight ideas and tactics for bringing another family member into the operation.
A strategy that is gaining popularity is the gifting of shares or a percentage of the business from the owner to their heirs. In this article, the person gifting shares, or ownership is called the donor, and the person …
Paying Family Members On The Farm Or Ranch, Jessica Groskopf
Paying Family Members On The Farm Or Ranch, Jessica Groskopf
Center for Agricultural Profitability
For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This is the first in a series of articles that will highlight ideas and tactics for bringing another family member into the operation.
One tactic is to provide new family members with monetary compensation, such as an hourly wage or salary. The total compensation should be comparable to the market value of wages to hire a non-family member to do …