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A paid-off tractor can still create a tax bill when the next generation takes over. Many farm families worry about estate tax, but income tax surprises can hit sooner when equipment is sold or transferred
Marc and Craig Kielburger are building Legacy+, their new venture focused on leadership, service and social impact
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Marc and Craig Kielburger lead Legacy+, advise organizations on purpose and impact, and host the My Legacy Podcast, including a conversation with Martin Luther King III and Arndrea Waters King. Their next book is due in November 2026.
Farm kin may fear estate tax, yet income tax can bring a bigger hit at handoff. Sell old gear, and past tax breaks may come due as depreciation recapture. A basis step-up resets the tax value of land and gear for heirs
Marc and Craig Kielburger are building Legacy+, a firm that works with leaders and organizations on their long-term impact
Farm families often worry about estate tax, but income tax can bring the bigger surprise at succession. Selling equipment may trigger tax on depreciation claimed over the years, while a basis step-up can lower heirs’ tax bill when they inherit assets
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