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Estate Planning Checklist: Information to Assemble Before Consulting Your Attorney. Do you know what what you should have, where to find it, or how to organize the information? AG LEGACY Materials can help understand how to get started.
AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
View a free recording about parent/child relationships and other important topics
…before time runs out!
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#AGLEGACY.org #FarmSuccession #EstatePlanning
A power of attorney is a document that gives another person the authority to take some action on the signer’s behalf. Unlike a common law power of attorney, a Durable Power of Attorney does not terminate when the principal becomes incompetent, hence the addition of the word “durable.”
AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
* Establishing and maintaining healthy relationships between parents and adult children is challenging at any stage in life. This is especially true during times of change.
* There are many factors that contribute to conflict and stress between family members. Three common sources of stress include differences in values, developmental stages, and expectations.
* Building and maintaining healthy relationships between adult children and their parents requires: honesty, communication, validation of feelings and beliefs, respect for one another, letting go, not taking all the credit/blame, and choosing for yourself.
* Sensitive issues, such as money, death, and family relations are difficult issues not only to bring up, but also to talk about in any depth. It is hard to approach these issues calmly when there are strong feelings about what is important.
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#AGLEGACY.org #FarmSuccession #EstatePlanning
A death certificate is a necessary step once a death has occurred. Before a death certificate can be filed, it must contain a medical certification of time, date, place, and cause of death. This will usually be completed by the physician in charge of a patent’s care unless a post-mortem examination is required.
AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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Disinheritance generally refers to the practice of drafting a will in a manner that prevents another person from becoming an heir or distributee of an estate.
AG LEGACY Materials can help understand what your options are. To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
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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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AG LEGACY Materials can help…
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
Most farmers and ranchers realize that a solid estate plan involves outside professionals. However, those professionals typically do not address day-to-day business management nor preparing the next generation to take over when the time comes.
Where Do We Begin?
One way to begin the process of transitioning is to start with three, basic questions, including: “Where are we?”, “Where do we want to go?”, and “How do we get there from here?”
Formalized Succession Plan
Following a formalized plan can help ensure that critical steps are not overlooked.
Succession Plan Components
The seven components of a complete plan include: 1. Executive Summary, 2. Business Overview, 3. Strategic Plan, 4. Retirement Plan, 5. Succession Planning Process, 6. Financial Plan, and 7. Contingency Plan.
Strategic Plan
A solid strategic plan will address: 1. Values, 2. Vision Statement, 3. Mission statement, 4. SWOB analysis, 5. Strategic goals, 6. Implementation plan, and 7. Monitoring plan.
Written Plan Segments
The written plan can be broken into seven components: 1. Establish a timeline, 2. Establish a planning team, 3. Select the appropriate successor(s), 4. Develop a written plan, 5. Communicate the plan, 6. Plan for retirement, and 7. Enjoy the years ahead.
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#AGLEGACY.org #FarmSuccession
AG LEGACY Materials can help…
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
