In this Elder Law Minute, Kaye Dent explains the ways in which DCEL can assist in your estate planning when there is farmland to be sold.
Video Transcript:
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law. Here with an elder law minute for you. These videos are intended to educate you about the Elder Care Journey, which begins earlier in life than you might think. We hope that you find them useful, and if you have further questions, please call us at Dent Coulson Elder Law.
If you are selling some farmland, there are some common pitfalls to avoid, and Dent Coulson Elder Law can assist you in the sale. We assist with drafting contracts, negotiating. If you need to assist with 1031 exchanges and advising you again on the common pitfalls.
The first thing we always want to talk to people about is capital gains tax. If you’re selling farmland or really any real estate that you’ve had for some time, it’s probably gone up in value a good bit. If you sell it, you will be taxed on the gain, the difference in the price that you sell it for versus the price that you bought it at, and that’s a very big consideration. We like to work with our clients’ financial advisors and, especially in these situations, their CPAs to help figure out a way to sell the land that will still benefit you, or to see if there might be some alternatives. In some cases, people are looking to sell land because maybe somebody is needing long-term care or they’re needing the cash. There may be alternatives that we can discuss with you as well. So, if you’re selling farmland, please call us at Dent Coulson Elder Law to see how we can help.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
