#AGLEGACY #FarmSuccession #EstatePlanning
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.
For more information see: AGLEGACY.org > Modules
MOST AG MANAGERS 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. Many believe that the son, daughter, or other successor who has been working alongside them for years has picked-up all the needed management skills and is ready to make the big decisions alone. Yet, there is often a hesitancy to pass on this right.
The most intimidating step with any new venture is often the first. While there are many ways one might go about beginning the process of transitioning management skills for the farm or ranch business, starting with three, basic questions can be helpful, these include: “Where are we?”, “Where do we want to go?”, and “How do we get there from here?”