New York Bill Would Ease Inheritance of Farm Equipment
Originally published in
Lancaster Farming
on
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The New York Senate has advanced a bill to streamline inheritance of farm equipment.
The bill from Sen. James Skoufis, D-Orange, would authorize transfer-on-death arrangements for ag machinery. Such arrangements allow assets to be transferred to designated recipients when the owner dies without going through the burdensome probate process.
Transfer-on-death provisions are often used for stocks, real estate and other investments.
Extending this option to farm equipment would simplify the transfer process and make it easier to keep a farm running when someone dies, New York Farm Bureau said in a memo supporting the bill.
Under the Skoufis bill, farmers could designate transfer-on-death beneficiaries by filing paperwork with the Department of Agriculture and Markets.
The Senate Agriculture Committee approved the measure Wednesday. New York’s legislative session is scheduled to end June 6.
