AgCountry Farm Credit Services Vice President of Succession and Retirement Planning Russ Tweiten says communication is key to a successful farm transition. “Every farm is unique, but make sure if you commit to something, you write it down.” During the Northern Corn and Soybean Expo, Tweiten discussed the concept of gift taxation. “When you gift an asset, the first $16,000 is non-reportable, $32,000 if you’re married.” Gifting a portion of the estate can be part of transition planning.