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.
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