Dale & Eke is taking the COVID-19 outbreak very seriously.  So, for the purpose of maintaining social distancing under CDC guidelines and to promote the health and safety of our clients, visitors and staff and reduce the spread of COVID-19, our physical office will be closed until further notice.

For the time being we are limiting all in-office meetings to those clients and potential clients who are not feeling ill or who have not shown signs of illness.  However, we are recommending that, unless you make other arrangements with your attorney, all client and potential client meetings occur via telephone or video conferencing.  If you have any paperwork for us that you need to drop off, please use the mail slot outside of the front door to our office.

We can still be reached at our office telephone number (317-844-7400). Your call will be answered by our office phone system and you may leave a voicemail in the general mailbox or with a specific attorney. All voicemails left in the general mailbox will be routed to the requested attorney or staff.

You may also email the firm through its website at  www.daleeke.com.

We will continue to monitor this evolving situation and adjust procedures as necessary.  Your health and safety, and the health and safety of our attorneys and staff, is our highest priority.  We thank you for your patience and understanding during these uncertain and unprecedented times.

Brand
A Professional Corporation of Attorneys at Law

What Special Estate Considerations Do Farms Have?

Running and operating a family farm requires a commitment that few people are willing to undergo. Whether you’re raising livestock, growing small grains or producing vegetables, nature doesn’t take your plans into account. The long-term goals for your farm could take years, if not decades, to implement. This means that if you want your work to be continued according to your wishes, you need someone to carry on that work. You want your years of hard labor and careful planning to be passed along to your children and heirs in the most efficient way possible. 

Protecting your assets with an estate plan

Creating a well-balanced estate plan can be crucial to maintaining a farm in perpetuity for your family. Here are some of the estate complexities that farmers should take into account when drafting an estate plan:

Capital gains tax: Unfortunately, the result of a well-run farm and the appreciated value of a property will increase your capital gains tax. If you sell a property and business, the capital gains tax will be applied to the realized gain from that sale. Property that is transferred via inheritance may not necessarily be considered taxable income. 

Estate tax: Though Indiana doesn’t levy an estate tax, an estate’s value can make that property qualified for federal estate taxes. 

Trusts: There are various trusts that a farm owner can use to pass that property along to those named in the trust. An irrevocable trust is a useful tool for providing the owner with some flexibility and access to those assets during their life. 

Planning for the future of a farm

The strategy and planning that needs to go into a legacy farm, which you hope will be passed down across generations, is a very different task than preparing a property to be sold in anticipation of your retirement. If you want to solidify your farm for posterity, you must need to include a good estate plan in your strategy.