B4—Lancaster Farming, Saturday, April 26,1980
Tax Law
(Continued from Page B 2)
land and the farm assets
have made estate taxes a
real problem.
“Trying to compare the
maximum exemption
allowed today, at $161,563, to
the first exemption of $60,000
back in 1942—there is just no
way to make a real com
parison. The portion of the
estate exempt from taxes
hasn’t kept up with in
flation”
Denison pointed out that
PFA had proposed
legislation in 1976 when the
tax reform law was being
made to have the exemption
increased to $250,000. This
amount, he said, would then
have increased each year
with the Consumer Price
Index. But the 1976 tax
reform was passed without
incorporating PFA’s
suggestion.
With today’s farms valued
with price tags easily
reaching and passing the
million dollar mark, farmers
find themselves with estate
headaches that have to be
faced if the farms are to go
to the next generation.
“Because of this dilemna”,
Denison said, “most farmers
are taking a look at estate
planning with greater in
terest.”
“Estate planning is put
ting down on paper where
you are financially today.
It’s getting all assets ac
cumulated together, and
looking at what your goals
are in life,” Denison said.
ftauffer Diesel Inc.
If
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(1) FIL-210,1 cyl., 12 HP @2400,200 lbs. #523
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muffler, instrument panel. 6 mo. written warranty.
(1) FIL-812,1 cyl., 10 HP @ 1800.400 lbs. #584
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(1) BF6L-912,6 cyl., turbocharged, 135 HP @2300.
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Rebuilt. 12V starter & alternator. SAE housing
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(1) F6L-912, 6 cyl., 102 HP @2300. 900 lbs. #784
Rebuilt. 12V starter & alternator. SAE housing &
flywheel. New crankshaft. 6 mo. written warranty.
(1) F3L-912, 3 cyl., 50 HP @2300. 700 lbs. #844
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flywheel, muffler, safety shutoff, mtg. feet. 6 mo.
written warranty.
(1) FIL-511,1 cyl., 15 HP @2400. 245 lbs. #845
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(1) F6L-912,6 cyl., 94 HP @2300. 900 lbs. #902
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I*
312 W. MAIN ST., NEW HOLLAND, PA. 717-354-4181
“You need to ask yourself,
‘How am I going to share my
economic gains with my
family during my lifetime,
and how much do I need for
my retirement years’. Then
it’s time to work out the
simplest and most efficient
way to transfer the estate to
your beneficiaries after your
death.”
He added he feels there
are four objectives to estate
planning: 1. to look after the
surviving spouse in the
manner to which they’re
accustomed to living until
the end of their days; 2. to
look after any minor or
special children; 3. to be fair
and equitable to all heirs and
see the farm continues in the
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next generation; and 4. to
meet all of the above and
keep the taxes at a
minimum.
Denison stressed the word
equitable does not mean
equal. His reasoning behind
this statement comes from
his analysis of a farm’s
productivity.
“The farm operation runs
on a curve,” he said.
“Generally, the farm is
purchased when the farm
couple are in the age range
of 20 to 25 years old. In the
early years, it’s a struggle to
get the land and the cows
producing to perfection.
.“By the time they reach
their 40’s and on until they’re
55 years old, things start
running more smoothly.
Taylor- Way
PULL-TYPE THREE-BAR CHISEL PLOWS
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SALES, SERVICE & PARTS
• Leyland & Same Tractors • Taylorway-Dunham • New Idea
• GT Dryers • Landoli • Dion
RDI, Box 2294, Jonestown, PA 17038 Phone 717-865-4526
Located Vz Mile South of Fredericksburg Off Rt. 343 in Shirksville
Business Hours: 7 A.M. to 5 P.M. Daily, Sat. till Noon, Evenings by Appt
TO EVERYONE WHO CAME OUT
' ‘ TO OUR FIELD DAY
n Door Prize Winners:
1. R.W. Hostetter,
Annville
2. Steve Brown,
Lancaster
3. Dave Graby,
Annville
They have unpaid labor with
their children, and they have
learned from their younger
day mistakes.
“After the age of 55, the
operation starts falling off.
The children have gone off to
school or left the farm, and
the question keeps coming
up ‘What’s the point of going
on with the hard work of
farming?’.
“Here’s when the next
generation should be
brought into the farm if they
want in. But, unless some of
the assets are trasferred
over to the son or daughter
that returns to the farm, the
value of the parents’ estate
will continue to grow.
“Because most of this
growth is due to the son’s or
SPECIAL PRICE $ 3 ff 2oo°°
4. Rich Wildasin,
Myerstown
5. J. Richard Aliwine,
Middletown
6. Ivan Burkholder,
Lebanon
daughter’s efforts, it would
not be fair to that individual
to divide up the estate mt o
equal portions with the other
children that have left the
farm.”
An estate that is properly
planned can help to get the
farming operation into the
next generation with the
greatest ease, hold down tax
costs, and carry out the
wishes of the decedent.
According to Denison, the
most important tool in estate
planning is proper will
structure.
We will be taking a closer
look at the purpose and ef
fectiveness of the ‘Last Will
and Testament’ in the next
issue of Lancaster Farming
J
7. Delmas Hernley,
Lebanon
8. Leroy Wise,
Lebanon
9. Charles Graby,
Aimville