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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View a free recording about management succession plans and other important topics
…before time runs out!
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Passing a business from one generation to the next involves transferring both ownership and management of the business from one individual to another. Transferring ownership of the family business assets can be fraught with emotional land mines and the possibility of damaged relationships.
The seven-step Succession Planning Process defines not only how to begin, but also important actions to take throughout the entire transition. Steps include: Establish a Timeline, Establish a Planning Team, Select a Successor, Develop a Written Plan, Communicate the Plan, Plan for Retirement, and Enjoy the Future.
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The future success of a family business depends on the ability of the family to transfer management to the next generation, but only 1/3 of family businesses successfully transition. How will you make sure your farm or ranch successfully passes to the next generation?
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AG LEGACY Resources can help…
modules, self-paced courses, workbooks, bulletins, links, and much more.
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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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Formalized Mentoring Program:
* Identify the purpose
* Determine the format
* Brainstorm potential activities
* Create a structure
* Define success
* Commit to the mentoring relationship
Mentor/Mentee Relationship:
Mentor: should be willing to share advice but also act as a sounding board
Mentee: must be willing to interact openly and honestly, ask questions, accept responsibility, and learn from mistakes
What Does Success Look Like?
Both the mentor and the mentee should outline and determine what indicates success in the mentoring process for themselves
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View a free recording about how to get started mentoring the next generation
…before time runs out!
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