Forbes: “Farm Like A Billionaire–Harvest Tax Breaks” and the 2012 Investment Guide

Forbes magazine’s June 25, 2012 Investment Guide issue has been posted online, and several stories of interest are included from Ashlea Ebeling, who writes about how to build, manage and enjoy your family’s wealth.

Ashlea Ebeling

Founding Principal of McManus & Associates John O. McManus, a trusts and estates attorney, spoke with Ashlea about the requirements tied to reaping tax benefits from farm-assessed property for her article “Farm Like A Billionaire–Harvest Tax Breaks.” The piece shares examples of high-net-worth individuals (HNWIs) planting lavender, establishing honey hives and declaring wildlife preserves to “harvest real estate tax breaks” and income tax savings.

Based on her conversation with John, who practices law in New York, New Jersey, Connecticut and more, Ashlea writes:

New Jersey allows you to snag a farm break with just 5 acres of land “devoted to agricultural and/or horticultural use” (not including the immediate area around your residence) and $500 in annual farm sales—a threshold neighbors can meet by buying each other’s products. “Everybody talks about what their products are at cocktail parties,” reports John McManus, an estate lawyer in New Providence, N.J. Pumpkins, Christmas trees and alpaca wool are popular.

Check out “How To Farm For Love And Profit–And Save The Farm” for important information on conservation easements and farmland preservationists successes and struggles in Pennsylvania. You can also see beautiful photos of the lavender farm — used for a Lands’ End catalog shoot — featured in the piece for which John was interviewed  here.

And finally, another story from the Investment Guide that relays smart investment strategies that help both you and your family is “Become A Family VC: How To Capitalize On Your Kid’s Or Cousin’s Business.”

The 2012 Forbes Investment Guide is definitely worth the read.

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