Farmers and ranchers looking to one day retire know that estate or succession planning includes consideration of taxes, wills, probate, powers of attorney and so forth. They also realize that putting a solid estate plan together likely involves an attorney, an accountant, and perhaps a tax professional. While these details are important in the process of passing on legal ownership of the land and other assets, they do not address the passing on of day-to-day management of the operation. Nor does the approach cover preparing the next generation to take over when the time comes.

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Helping agriculture nurture its legacy . . .
A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. A legacy is not just money but a reputation, what was accomplished, and the difference a person makes in the world as they pass through.

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Non-titled property has no document specifying who officially owns the property. And, while it may or may not represent substantial monetary value, it often carries notable emotional value for family members of the owner. How do you plan to distribute your possessions of emotional value to the next generation?

TO LEARN MORE about possessions of emotional value see: AGLEGACY.org

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View a free recording about Possessions of Emotional Value and other important topics
…before time runs out!

TO LEARN MORE about possessions of emotional value see: AGLEGACY.org

#AGLEGACY.org #FarmSuccession #EstatePlanning

* Do you own titled property? Untitled property? Do you plan to pass that property to the next generation?
* Have you considered making a list of personal items and explaining why they are special to you as a gift to the next generation?
* Most elders have the goal of being fair in their distribution of property to the next generation. Have you considered whether equal or equitable best fits your sense of what is fair?
* Have you considered the method you might use to distribute property to the next generation: formal methods or informal, gifting, sales, donations, or other possibilities? Have you shared that with the next generation?

For Answers to these questions and much more see our recent newsletter and online module materials covering: the 2nd most important component of a legacy: Possessions of Emotional Value – Equal or Equitable?

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