Brockett's Ag Advice Jtf - *Jf/ SBBPi I /»&** Property Ownership Joint - With Rights of Sur vivorship - Other Than Husband and Wife Some people use this form of ownership as a partial will that hopefully reduces the cost of 1 * i v ‘ * a? r 4 'Y. \ * «v * *1 •*. ■* • ' "GEHL CHOPPED AGEAR FASTER. AND CHOPPED *6OOO OFF MY DILL." DILL DUCHNER, HARRISVILLE, MICHIGAN DAIRYMAN What happens when two of the top pull-type forage harvesters go head to head in some of America s toughest haylage? According to Bill Buchner Gehl s 1250 wins big over New Holland s 1600 We chopped the same field with the same 180 hp tractor Gehl let me go a gear faster all day long Why? Well Gehl has tremendous capacity And it s so easy to keep chopping smoothly I can put a factory-true bevel on the knives and set the shear bar in less than 10 minutes said Buchner When a New Holland dealer invited him to a similar field test using Case 2870 4WDs Buchner GEHL All Forage Equipment, Grinder Mixers and Hay Equipment Have Interest Free Waiver Until December 1, 1984. All Skid Steer Loaders Have Interest Free Waiver Until October I. 1984 PEOPLE’S J & M MACHINERY LEBANON VALLEY MILLER EQUIPMENT SALES & SERVICE Orenburg, pa IMPLEMENT CO., INC. CO. Oakland Mills. PA 4X2-668-2276 Richland. PA RDI 717-463-2735 717-866-7518 Bechtelsville, PA BENNETT 215-845-2911 A. L. HERR & BRO. MACHINE CO. ELDER rinki fv s. uiibct Quarryville, PA 1601 Blvd SALES & SERVp, BINKLEY S HURST 717-786-3521 INC. BROS. 302-422-4837 RT i ß ox6l9 133 Rothsv.lle CLAIR J. MYERS M,rum c r«Dii Stoneboro, PA Station Road . . NICHOLS FARM 412-376-3390 L'titz, rA Lake Road R 1 Efl|||D||E||T aio-j7a ivan 717-626-4705 Thomasville, PA EQUIPMENT 412-376-3740 717-259-0453 Bloomsburg, PA 717-784-7731 PETERMAN FARM ARNETT’S GARAGE UMBERGER’S OF FONTANA EQUIPMENT, INC. Rt 9 Box 125 STOUFFER BROS. INC. Rt 4 Lebanon. PA 225 York Rd Hagerstown, MD Chambersburg, PA (Fontana) Carlisle, PA 301-733-0515 717-263-8424 717-867-5161 717-249-5338 R.E. SMELTZER GEO. W. KINSMAN, ECKROTH BROS. HIHE S WMW EQUIPMENT CO. INC. FARM EQUIPMENT cresson.PA RD2, Box 2 516 Main Street RT2 80x24A 814-886-4183 Centre Hall, PA Honesdale PA New Ringgold, PA Bellwood 814-364-1419 717253-3440 717-943-2131 814-742-8171 By John E. Brockett Farm Management Agent Lewistown Extension Office property transfer after death. Advantage - Property owned this way will go to the surviving owner. Disadvantage - A share of the property may be taxed on the death of an owner whether that person put all or none of the asset again picked Gehl as the better chopper If you re like Bill Buchner you want the best The bottom line? The Gehl 1250 cost me $BOOO less than the NH 1600 And Gehl s got the belter machine he said It s time you put a Gehl to the test on your farm Whatever size forage harvester you need Gehl is the leader Choose from the model 750 the 1000 or the 1250 Make us prove it with a demonstration Gehl Company West Bend Wl 53095 value into the property. Example: Mother puts son on a certificate of deposit as a jomt owner. The son dies - the mother could wind up paying taxes on her own property. A bank account could be cleaned out by one of the owners. Suggestion - If you use this form of ownership, do so with a lot of discretion. Tenants In Common - Husband and Wife A favorite of many estate planning specialists, especially those interested in using by-pass or non-marital trusts. Advantage - The property is owned by husband and wife in equal shares presumably would be ||g| difficult to sell without consent of both parties. The share or portion owned by each spouse can be willed in any way that person desires unless prior committments had been made. If used properly, it could wind up saving a total family estate a lot of estate and inheritance taxes. The first spouse to die can have a say in the tran sfer of the property. Disadvantage - The only way it will save on total taxes is if each owner’s share is willed to someone other than the surviving owner or to a trust. It can result in reduced efficiency of the farm operation if the farm operator has to be responsible to a trustee for half of the farm. There will be PA inheritance taxes on the death of the first spouse. , Suggestion - Make use of this type of ownership for cattle and/or machinery. Be hesitant on using it for farm real estate and a residence. Tenants In Common - Others Partnership assets are often owned as tenants in common. In Agway designs love-cost health insurance for some off the healthiest people in the country v Lancaster Farming, Saturday, My 2t, 1984—037 other words, each party owns an interest or share of the property. It can be willed, given, or sold to anyone else unless prior agreement prevents this from happening. Property owned in this manner must be handled in the same way as individually owned property. It can be used to fund a trust, sold on an installment sale, or left in the business. Any type of property can be owned this way. It does provide more flexibility to an individual than the joint with survivor rights method. Individual Rather than own bank accounts, mutual funds, stocks, etc. jointly, it may be advisable to own them individually. They can then be used to fund trusts or be willed or gifted to individuals. Remember that all individually owned property is taxes by Pennsylvania. It may be taxed by the Feds if it exceeds a certain level unless willed to a spouse. Custodian This is a valuable way to retain some control on a child’s assets without actually owning them. If you re a farm family and you don t have Agway Agn Care 1 you could be paying more money for less insurance Why? Because unlike most other health insurance plans Agn Care is de signed just for farmers by Agway a farm cooperative So you get special low group rates Find out about the quality coverage and down to earth value you get with Agn Care Talk to someone who under stands your country way of life Call me for a free quote and a full color country quilt poster \ || MATTHIAS INSURANCE AGENCY i’i I I RD 1, Box 268 A. Mertztown. PA 19539 (215)682-4117 Insuring Hw country way of lift AGWAY INSURANCE CROUP FARM .LIFE .HEALTH .HOME .AUTO
Significant historical Pennsylvania newspapers