What’s the first step? You know you need to get this done, but where do you start. The Bangor Daily News explains in its article “How farmers can start an estate plan” that we all know we’re going to die, but it’s not our favorite thing to talk about. However, it’s important to start these conversations, because the problem of not having an estate plan is not going away.
The article helps aging farmers who want to get started with the estate planning process, by sharing some tips to clear up some of the confusion, eliminate questions in the process and motivate you to begin your estate planning journey.
One way to describe the process as a business transition. It is not unlike retirement decisions that somebody might make for a job. However, it is much more complicated, because there are many more resources to address (and perhaps many more people).
Clearly defined goals will make that transition much easier for everyone involved. Memorialize your goals by writing them down, along with your dreams for the transfer of the farm. Don’t forget to include your fears.
A basic estate plan can be as simple as a will, a medical directive and a power of attorney. Work with an experienced estate planning attorney to facilitate the various elements of estate planning.
As a farmer, you know better than anyone that planning for the future is critical. Your farm is more than just a business, it’s even more than simply a way of life — it’s your family legacy. If that legacy is to continue, you must act or the government has a plan…and trust me, you know you won’t like it.
A complete estate plan that is mindful of Farm Succession Planning is necessary if your dream of your grandchildren one day walking the land with their children, and taking the same satisfaction of knowing what they do every day is a vital part of our unique American way of life.
I help frame the issues so you can make the choices that must be made to protect your legacy. I have helped countless farmers, ranchers and land owners throughout the Missouri Ozarks plan for their farms. I help families avoid probate, unnecessary taxes, and family conflict with mindful guidance through the farm succession and estate planning process.
Identify a successor, so you know who will take over the farm when you die. It’s essential to ensuring the longevity of the farm business you worked so hard to create. As far as transferring your assets in family farm businesses, inter-generational politics can be dicey, when it comes to estate planning. It really boils down to the succession of your farm from one generation to another.
You must be certain to do this in an orderly way to make sure the needs of both generations are met.
If you don’t have a family member interested in taking over the farm, there are local agencies that can help you find young farmers to whom you can sell and who would be able to take over the business.
When it comes to estate planning, it is never too early to begin.
Reference: Bangor Daily News (March 5, 2020) “How farmers can start an estate plan”
Suggested Key Terms: Estate Planning Lawyer, Probate Attorney, Wills, Inheritance, Asset Protection, Retirement Planning