
10 Estate Planning Mistakes by Farmers
Conversations about family succession plans are difficult.
Conversations about family succession plans are difficult.
Those who held long-term jobs in agriculture, forestry and fishery had a 46% greater chance of having dementia.
Depending on your family situation and the value of your estate, forming a trust can be an important addition to your farm transition plan.
The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.
Develop a successful transition plan that will provide for you, your heirs and your business.
Planning for the end of your life can be intimidating. When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life. For that reason, estate planning — arranging for the management of your assets once you die — is especially important for aging farmers.
When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life.
Whether you are just now embarking on your succession journey or are somewhere in the middle, remember the four Cs: clarity, certainty, continuity and communication.
It’s not often that an estate planner is the hero of any story, and estate planning is second only to tax law as the least exciting subject for story telling. But I think maybe that’s what makes “Map of My Kingdom” so impressive. Writer Mary Swander, Actress Cora Vander Broek-Brumlow, and director Matt Foss take an otherwise boring topic and make you love each hero and hate each villain. [Read More]