Paul Neiffer, a certified public accountant (CPA) from Clifton, Larson, Allen LLC and a speaker for the Farm Journal Legacy Project meetings this July, joins Farm Journal’s Pam Fretwell in the first of a three part series to discuss succession planning.
There are many things to consider when making a succession plan for a business. Those include not only the transfer of the property, but also the potential implications both income and estate taxes may have on the legacy and that is when a CPA is needed, Neiffer notes.
“We’re there to give them that 30,000 foot elevation view that lets them know this is something you have to watch out for,” Neiffer says.
A CPA can provide some easy answers or directions around issues others may have not seen on their own and help provide the next step in succession planning.
Paul Neiffer explains: