Estate Planning News

How Do U.S. Farmers Plan for Retirement?

Retirement and succession planning are of considerable importance to farm households and there are good reasons to believe that they are affected by savings and retirement policies in ways that are different from the rest of the Nation's households. For example, compared with the U.S. labor force, farm operators are considerably older. In addition to working longer past traditional retirement age, farm operator households tend to have several income sources and different forms of wealth, as compared with the general population. While fewer farm operators are covered by employer-sponsored pensions than are nonfarmers, a majority of farm operators save from current income on a regular basis and have accumulated diversified financial portfolios, including individual retirement savings.

New Tax Laws Benefit Farmers—The American Jobs Creation Act of 2004 represents a major overhaul of U.S. Federal income tax laws applicable to farmers and other business taxpayers. A change in the law means a majority of commercial farms will pay lower Federal income taxes.

Contact our Maine estate planning attorney now.

	Did You Know?
	The costs and expenses of a conservatorship are paid by your estate A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.