Most families want to hold onto the family farm if possible for emotional and sentimental reasons. There are also sound financial reasons for keeping the family farm intact for your lifetime.

Here are five reasons that favor keeping the family farm together.

1. Take advantage of tax leniency in federal estate tax laws

Due to the uniqueness of farms and other closely held businesses, certain relief provisions come into play to help families meet tax costs. For instance, farms may be valued at their current business use rather than at the highest-and-best-use, up to a $900,000 ceiling.

Related: Farm succession planning: Customizing a farm estate plan

2. The regular 9-month pay-now deadline for estate tax may be ignored.But keep in mind: selling the business within 10 years after the decedent’s death, or no longer using it for business, triggers a “recapture” tax, which means you lose the tax-saving benefits of the special use valuation and must pay addition

This is possible for an active family farm or closely-held business. However, certain criteria must be met. Ask your attorney for help in determining if your business meets these criteria.

3. Pay tax in installments

The estate tax attributable to business interests can be paid in installments over a period of up to 14 years at low interest rates.

4. Impacts interest payment schedule

Interest payments on the deferred tax are due only for the first four years. That is followed up by annual installments of interest and principal for the next 10 years.

5. Interest rate on deferred payments

A portion of at least some of the interest on the deferred payments is at 2% on the first $1,200,000 in taxable value. Breaking up the business as well as tardy installments, however, can jeopardize the deferred payment plan.

- Gudorf writes from Dayton, Ohio. This information is not legal advice and does not constitute an attorney-client relationship. Gudorf Law Group LLC  specializes in estate planning, tax advisory and elder care law. Partner Michael Menninger contributed to this article. Contact Gudorf Law Group LLC at 937-898-5583, or daytonestateplanning.com.)