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September 10, 2025

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

Key Points

Selling assets provides greater control over timing and method of sale, enhancing financial management for farmers.
Farmers often liquidate depreciable assets like machinery and livestock, improving cash flow for retirement needs.
Asset sales can help manage income taxes and capital gains taxes, potentially benefiting overall financial health.
Holding onto appreciated assets until death may limit control and increase tax burdens for heirs, complicating succession.

Abstract

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.

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Cite This Study

Jessica Groskopf (Mon,) studied this question.

synapsesocial.com/papers/68c1afd354b1d3bfb60e7f4e https://doi.org/https://doi.org/10.32873/unl.dc.cap075

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