Leasing also can be a good tool for estate planning. With a lease, a producer who is looking at retiring in the near future can pass on a piece of equipment or facility to whoever is taking over the farm without any implications to the retiree’s estate. At the end of the lease, the lessee assigns the purchase option to the new farm operator whom, with the lessor’s approval, can purchase the equipment or facility or return the item and get something more suitable for his or her needs. |
