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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.
#AGLEGACY.org #FarmSuccession #EstatePlanning
* What values and life lessons do want to pass on?
* How will we dispose of our personal possessions of emotional value?
* What instructions and final wishes do we have? Who knows about them?
* How will we handle the ownership of our titled property?
* Do we have our documents together to be sure things go smoothly?
* How will the management of our farm/ranch be handled?
* Have we prepared the next generation to take over?
FOR ANSWERS:
to these questions and much more see our online module covering: What is an Ag Legacy?
#AGLEGACY.org #FarmSuccession #EstatePlanning
Mentoring is a relationship in which a more experienced or knowledgeable person guides a less experienced or less knowledgeable person through an activity or event in their life. This approach is similar to coaching but in coaching the goals and the plan of action are often set by the coach. In a mentoring relationship, the mentee sets the goals and formulates the plan under the guidance of the mentor.
Learn more about mentor the next generation via the AGLEGACY module: How do you mentor the next generation? The 4-page, HOW*TO guide and online module materials can help individuals and ag families improve their relationships and their chances for leaving their desired legacy.
AG LEGACY Materials can help…
See: AGLEGACY.org
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
#AGLEGACY.org #FarmSuccession #EstatePlanning
#AGLEGACY.org #FarmSuccession #EstatePlanning
Overwhelmingly, the biggest source of stress in farm family relationships is the transfer of the farm or ranch to the next generation. This may be due, in part, to the fact that transferring the farm or ranch to the next generation can often amplify other stress factors that family members may be experiencing.
Learn more about growing relationships with the next generation and communication skills via the AGLEGACY module: Why Grow Relationships with the next Generation? The 4-page, HOW*TO guide and online module materials can help individuals and ag families improve their relationships and their chances for leaving their desired legacy.
AG LEGACY Materials can help…
See: AGLEGACY.org
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
#AGLEGACY.org #FarmSuccession #EstatePlanning
Lack of effective communication among family members is the root cause of most family business failures. Effective communication between parents and their adult children is essential for transfer of a legacy from one generation to the next.
Learn more about good communication skills and how to become better via the AGLEGACY module: Communicating with the Next Generation. The 4-page, HOW*TO guide and online module materials can help individuals and ag families improve communication skills and their chances for leaving their desired legacy.
AG LEGACY Materials can help…
See: AGLEGACY.org
* 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?
#AGLEGACY.org #FarmSuccession #EstatePlanning
#AGLEGACY.org #FarmSuccession #EstatePlanning
A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. Unfortunately, a power of attorney in the wrong hands or with too much power can cause tremendous problems. The largest source of financial exploitation is family members, especially adult children, who were granted POA by their older family member(s) in their estate plans.
To learn more about AG LEGACY materials and for ideas on where to begin see AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
Saying “I’m sorry” is an act all too often overlooked in our daily interactions. There can be many obstacles that keep us from saying these simple words.
Should you apologize? You may feel that you don’t need to apologize or maybe that the other person should apologize to you.
Why is something that we are constantly reminding our kids to practice, so difficult for us to say?
An effective apology contains five elements, while an ineffective apology usually misses the mark on at least one of these areas:
• Acknowledge the Offense;
• Explain What Happened;
• Express Remorse;
• Offer to Make Reparations; and
• Listen.
AGLEGACY offers a perspective: AGLEGACY.org
