Farm Financial Planner Archives - Page 3 of 4

Farm Financial Planner: Time to decide what to do with the land

After years of renting out the land, this widow is ready to make her next financial choices

By Andrew Allentuck January 23, 2018

In southern Manitoba, a widow we’ll call Eleanor, 73, wants to decide what to do with 420 acres of farmland she inherited two decades ago when her husband died. She never farmed the land, just rented it to a neighbour. Each of her three sons has a successful off-farm career. The decision? What to do […] Read more

Columns

Farm Financial Planner: A smooth transfer on the way to retirement

Planning smooth generational transfer to six children keeps Manitoba farm in the family

By Andrew Allentuck May 18, 2017

A couple we’ll call Jack and Susan, ages 56 and 54, respectively, farm 2,240 acres in central Manitoba. The third generation of their family to farm in Manitoba, they began three decades ago with 640 acres and expanded by renting an additional 1,600 acres of cropland. About 15 years ago, they incorporated their grain production […] Read more

Columns

Farm Financial Planner: Planning a less taxing retirement

Herb and Martha are working on a plan to retire while their son takes over the farm

By Andrew Allentuck February 27, 2017

In central Manitoba, a couple we’ll call Herb, 54, and Martha, 52, have farmed for 25 years. The farm is in a partnership with Herb’s brother, who we’ll call Larry. Each brother has an interest in the partnership through his own holding company. The main operating entity is the partnership that does the actual farming […] Read more

Columns

Farm Financial Planner: Tax planning critical for farm widow

More paperwork leads to lower taxes for this farm widow and her adult children

By Andrew Allentuck January 26, 2017

A couple we’ll call Lisa and Herbert emigrated to Canada 34 years ago. They left a small farm in England and bought a 1,120 acre farm in central Manitoba. With their children, a daughter, now 51, and a son, now 48, they ran a mixed grain and beef operation. Herbert passed away in 2010. Lisa, […] Read more

Columns

Farm Financial Planner: Manage assets for farm transition

Asset management solves the risk of heavy tax when couple shifts ownership to their son

By Andrew Allentuck June 6, 2016

In western Manitoba, a couple we’ll call Ezra, 58, and Lucy, 56, operate a third generation family farm with 1,280 acres of feed grains, oilseeds and a herd of 60 beef cows. The farm, with a value of $1.25 million plus $100,000 for the farm house, is profitable, but its future is clouded by the […] Read more

Columns

Farm Financial Planner: Building up those off-farm assets

With a big farm and few takers from the next generation, a couple focuses on off-farm assets

By Andrew Allentuck May 12, 2016

On a 4,000 acre farm in southWestern Manitoba, a couple we’ll call Herb, 56, and Lorie, 45, grow grains and raise 600 head of cattle. They have been successful over the years with Herb and his brother buying the family farm in equal shares. That buyout provided Herb’s parents with a retirement income and gave […] Read more

During the 10-year buyout of the farm, Sam and Ursula would have an annual income of almost $150,300.

Columns

Farm Financial Planner: Transition: two children, one farm

Sam and Ursula wan to pass the farm onto their son, but share the wealth with their daughter

By Andrew Allentuck April 18, 2016

A farmer we’ll call Sam, 62, and his wife Ursula, 59, farm 10 quarters of grain in central Saskatchewan. Helped by their son, Ernie, and his wife, Maria, both 35, they have developed a very successful operation. The farm generates an average of $175,000 a year and the couple operates equipment for roadwork, snow plowing […] Read more

Columns

Farm Financial Planner: Retiring farmer selling off the farm

With no spouse and a disabled nephew, this Saskatchewan farmer is ready to close up shop

By Andrew Allentuck March 7, 2016

In northwestern Sask-atchewan, a 63-year old farmer we’ll call Rorie runs a mixed grain and cattle operation on 12 quarters of land. Helped by Sam, his 43-year old nephew, Rorie, who has never been married, keeps five quarters in wheat and oilseeds and grazes 80 cows on the remaining seven quarters. Rorie has a lot […] Read more

Columns

Farm Financial Planner: Widow wants to wind down farm

With no children wanting to farm, this widow wants to sell up and minimize taxes

By Andrew Allentuck March 1, 2016

A widow we’ll call Susan, 64, has a 1,120 acre farming operation in central Manitoba. She owns 800 acres personally and has another 320 acres in her farming corporation. When her husband — we’ll call him Burt, passed away, the estate was probated and quickly transferred to Susan. Now she wonders what will become of […] Read more

Columns

Time to distribute the farm assets

Farm Financial Planner: At age 80, Mary wants to pass her wealth on to her family and a favourite charity

By Andrew Allentuck January 29, 2016

As her 80th birthday approaches, a farm widow we’ll call Mary finds herself in a dilemma. Her husband Bob passed away 10 years ago, leaving substantial life insurance benefits which she used to cover living expenses and farm losses. Mary’s 1,280-acre grain farm is rented to tenants. The farm has broken even with recent high […] Read more

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Tag Archives Farm Financial Planner

Farm Financial Planner: Time to decide what to do with the land

Farm Financial Planner: A smooth transfer on the way to retirement

Farm Financial Planner: Planning a less taxing retirement

Farm Financial Planner: Tax planning critical for farm widow

Farm Financial Planner: Manage assets for farm transition

Farm Financial Planner: Building up those off-farm assets

Farm Financial Planner: Transition: two children, one farm

Farm Financial Planner: Retiring farmer selling off the farm

Farm Financial Planner: Widow wants to wind down farm

Time to distribute the farm assets

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