By Andi Anderson
The shortage of legal and accounting professionals in rural areas has become a growing concern for family farms. In many regions, the lack of these practitioners has created what is known as "legal deserts."
This shortage can lead to serious issues, especially when farmers need guidance on complex legal and tax matters.
A critical upcoming change is the sunset of the increased estate tax exemption at the end of 2025. As this deadline approaches, many family farms will need legal and tax advice to properly navigate the changes in estate tax laws.
However, with limited professionals available in rural areas, long wait times for appointments may occur. This shortage could force some families to work with professionals who lack expertise in farm-related matters, increasing the risk of inadequate advice.
To avoid these issues, farmers must be proactive. Scheduling appointments with a lawyer or accountant now, rather than waiting until the last minute, will help ensure proper guidance is received before the estate tax changes take effect. Those who delay may face difficulties securing competent representation.
Even for those who already have legal and tax professionals, it is essential to review their estate plans in early 2025 to ensure they are prepared for the upcoming changes. Proactive planning can prevent complications and ensure family farms are well-positioned for the future.
Family farms need to prioritize securing legal and financial advice to stay ahead of these significant changes and protect their assets for future generations.
Photo Credit: gettyimages-livingimages
Categories: Ohio, Rural Lifestyle