Chris Nolt, the author of Financial Strategies for Selling a Farm or Ranch, provides an excellent overview of the issues involved in completing the successful sale of a ranch or farm, and of the tax traps that many unprepared property sellers fall into.
After a lifetime of hard work – sometimes over generations – when the time comes to sell their ranch or farm, many families don’t realize how high the stakes can be. Failure to plan ahead, or improper planning, can cost families much of the potential value vested in their properties.
Two of Nolt’s favorite vehicles for legally and efficiently minimizing capital gains taxes on the sale of agricultural properties are the 1031 Tax-Deferred Exchange and the Charitable Remainder Trust.
On this edition of RANCHCAST with LEM LEWIS, Chris spells out the advantages of both 1031 Tax-Deferred Exchanges and Charitable Remainder Trusts, and also the restrictions that apply to both.
Joining me in interviewing Chis is my friend and Texas real estate colleague Jay Whidbee.
If you’re thinking about selling your agricultural property, I would be honored to discuss how my colleagues and I may become your trusted ranch broker.
I invite you to visit my website, www.TheRanchBroker.com, to learn more about how you can build wealth, create peace of mind, and… leave a legacy.
RANCHCAST with LEM LEWIS showcases the vital contributions that America’s ranchers and farmers make to our nation’s economy and food supply. Whether you live on a ranch or farm, invest in rural real estate, or are simply a fan of the ranch lifestyle, this program is your guide to insights and practical advice available nowhere else.
Read more at http://www.theranchbroker.com/blog
Photo: Chris Nolt, author, Financial Strategies for Selling a Farm or Ranch
Interview Conducted: January 2018
Length: 38 minutes 43 seconds