How should I invest the proceeds from the sale of my farm or ranch?
What is the best way to invest for retirement?
What are the best investments?
What types of things should I invest in to create passive retirement income?
You’ve worked hard to create the equity in your farm or ranch. When it comes time to sell, you need to work smart to preserve that equity and to make your money work as hard for you as you’ve worked for it.
I grew up working on ranches in Lewistown, Montana. As a financial advisor for over 24 years, I’ve spent much of my time working with agricultural families and their unique financial needs. In my experience, farmers and ranchers are hard working, industrious, self-reliant and frugal individuals. Most, however, are not proactive at engaging in financial planning and have little experience investing in assets outside of their farm or ranch. Consequently, many families end up paying large amounts of taxes on the sale of their property and earn inferior investment returns on the sale proceeds. While self-reliance and frugalness may have served these families well during the years of operating their ranch, failing to plan with the right team of advisors prior to a sale can end up costing them financially.
There are significant tax consequences to selling a farm or ranch that has appreciated in value. Financial tools can help defer or avoid these taxes. Money that would have gone to taxes can instead be used to generate income and provide an inheritance. To benefit from these tools, however, you must be proactive and engage in planning well before a sale takes place.
To view Wealth Guide: Investing Proceeds From The Sale of a Farm or Ranch, click here
Welcome to Solid Rock Wealth Management
Chris Nolt
President