Estate Law Questions? Ask an Estate Lawyer.
Good morning. My name is ***** ***** I look forward to helping you.
There is no legal or tax requirement that you treat the farm as a business. It can simply be a hobby and you can dissolve the LLC's if you like. You certainly do not need two LLC's. The advantage of retaining the farm in at least 1 LLC is that is provides you limited liability and protects your personal assets in the event you were to incur a liability to a third party. But, if you're not worried about that, you don't need an LLC either. If you were to create a trust, you could have a joint trust, and, yes, you can put the farm equipment and vehicles into the trust.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!