View a free recording about coping with anxiety and stress in your ag legacy and other important topics
…before time runs out!
TO LEARN MORE see: AGLEGACY.org
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Monthly Archives: October 2019
How do You Cope With Anxiety and Stress in Your Ag Legacy?
Farm and ranch families experience stress from a wide variety of factors, including: 1. operational stressors, 2. environmental influences, and 3. family stressors. Most factors are out of the families’ control, potentially adding even more stress. In addition, the lines are often blurred between family and business issues, making efforts to address them even more difficult.
Stress factors can and often do affect everyone involved in the family farm or ranch business, even if they are not directly involved in day-to-day operations. A variety of coping mechanisms can be employed to help address or mitigate the effects of these factors.
…to read more click here
How Do You Plan For The Cost of Succession?
In order to retire financially secure, you must have a plan. But what should it include and how do you put it together? Are there other details you should be worrying about; which ones?
Retirement Plan
It is vital to lay-out the steps needed to move the present managers from day-to-day management of the farm or ranch to full time retirement.
Financial Plan
The power of choice can control incomes of all sizes. Setting financial goals gives a person that power. Determining the sources and amount of cash flows is the first step to matching cash inflows to cash outflows.
Documenting Your Financial Assets
You may want to designate someone to handle your financial affairs, including paying monthly bills, when you are no longer able to do so for yourself. In order for someone to take over management of your financial accounts when you die, he or she will need a list of all your assets and liabilities.
Contingency Plans
Every succession plan should include contingency plans. Under this heading things like disability insurance, life insurance, employee training, back-up support, how-to manuals, and communication with family, employees, and key stakeholders should be considered.
#AGLEGACY.org #FarmSuccession #EstatePlanning
How Do You Plan For The Cost of Succession?
View a free recording on getting started planning for the cost of succession at AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
Planning For The Cost of Succession?
* Are you looking forward to retirement with anticipation?
* Have you estimated your financial requirements in retirement?
* Do you have a financial plan showing how retirement will be financed?
* Have you developed an agreement for retiring manager(s) and successor(s) about the extent of involvement?
* Is there an agreement about where family members will live?
* Are there ideas about what activities will absorb the retiring generation’s creative energies?
* Have you documented your financial assets; your liabilities; personal property?
* Have you considered what will happen if something goes wrong? Do you have a contingency plan?
FOR ANSWERS:
to these questions and much more see our recent newsletter and online module covering: How Do You Plan For The Cost of Succession? at AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
