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This comprehensive estate planning kit helps you protect your family and establish your legacy. FREE!
Download My KitAs a farm owner, you’ve built a wealth of assets that can come with a large tax bill when it’s time to step away from the business. Luckily, there are several ways to find a solution that works for you while also supporting Iowa State University – opportunities as unique and rewarding as the business of farming itself.
Often, farmland is the most valuable asset a farmer owns. You can make a gift of land through:
“When you are making a sizable contribution like a gift of land, you want to make sure it is to an entity that is going to be around for a long time and is responsible. Iowa State University withstands the test of time.”
— Lloyd Bettis, ’70 agricultural journalism
Gifting grain can provide a larger tax benefit than selling it and making a gift from the proceeds. Contributing grain may allow you to avoid the sale of the commodity as income while still deducting production costs, thus reducing taxable income and supporting your area of choice at Iowa State University.
While some farmers choose to reap immediate tax benefits by depreciating machinery, recaptured depreciation can often create unanticipated tax issues when you no longer need the equipment. You may receive several benefits from gifting machinery through:
Some farmers have organized their operations as corporations. There may be opportunities to gift shares in the corporation or assets from the corporation. These gifts could carry significant tax and financial benefits, as well as help you to create a lasting legacy at Iowa State.
This comprehensive estate planning kit helps you protect your family and establish your legacy. FREE!
Download My KitView and download your FREE copy of Agriculture and Philanthropy: Unique Strategies to Leave Your Legacy.
This comprehensive estate planning kit helps you protect your family and establish your legacy. FREE!
Download My Kit