Therein lies the value of planning ahead. Most farms are privately owned but could be converted to corporations with the heirs in control. When the parents are gone the corporation lives on.
The only down side is that some lawyer will get a fee to cut the paper.
There are lots of cheap ways, including free...
I’ve used these guys twice!
How to Set up a Corporation Without a Lawyer
(By an eHow Contributor)
Setting up a corporation sounds impressive and complex, but the truth is that to create a business, you simply have to list a few of the company’s facts and essentials and file an application with the Secretary of State. It’s running a new company and facing the many challenges of building a business that will really require professional assistance.
Read more: How to Set up a Corporation Without a Lawyer | eHow.com http://www.ehow.com/how_2040117_corporation-without-lawyer.html#ixzz2D9gIsjIO
Ranting about a tax will never save a penny, planning on how to avoid a tax will.
One business that I am familiar with was actually a group of corporations. One owned the the buildings, another the equipment, another the land, and so on. All were incorporated in Delaware and all had the same directors, members of one family.
In effect the business leased eveything from its self. There are ways to keep a business out of the tax man’s hands.
You don't think that there is anything to complain about on this subject?
Only emotional ties get in the way? All one needs to do is understand the system?
You think that somebody having to convert their family farm into corporation and all of the down side aspects of that is a good thing. And how long do you think it will be before the government starts screwing around with your beloved convert-it-to-a-corporation "system"? And what about people who have assets over a million who don't have a farm of business?