FARMERS incorporate their farm businesses for various reasons. Gifting corporate stock can be an effective estate-planning tool. "But don't give away control of the family business before you're gone," warns Darrell Dunteman, Dunteman & Co. Accountants, Bushnell, 111. He offers an example of how that blunder fractured a family. "I initially worked with the family in the early 1990s. Dad and two children were directly involved in the farm. Another child contributed some labor, but worked mostly offthe farm. Two other children had no connection to the farm.
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