Navigating Farm Succession Without a Family Heir: Selling Assets During Life

Selling assets offers you the ability to manage some of your greatest end of life concerns on your own terms. It's typical for farmers and ranchers to liquidate depreciable assets such as machinery and livestock during their lives, but they often hold onto land and other significantly appreciated assets until they pass away, allowing their heirs to receive a step-up in basis. Selling assets during your life provides you with the most control over when and how assets are sold, allowing you to generate income necessary for retirement and long-term care, while managing your income taxes, capital gains taxes, and recapture of depreciation.