For family farms, creating a Subchapter S corporation can help pool resources of multiple farms and help with succession planning. Though creating an S corporation comes with additional administrative work, it can help ease estate planning by being able to gift stock, and pass on ownership in the corporation rather than planning for each piece of equipment, individual livestock, or acre.
See Mike Wilson, Organize Your Farm Business: Sub S Corp Eases Estate Planning Worries, Farm Futures, Apr. 1, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
