Life on the farm is busy and it’s easy to find a spot for an estate transition plan on the backburner. While creating a plan may not be at the top of your to-do list, it is important to have in place for life’s uncertain and unannounced moments.
Here are 7 simple steps to get you started on creating a plan:
1. Create a detailed inventory list of assets you own.
2. Meet with your family and gather input.
3. Start to develop a plan from the input gathered and how you would want the transition to go.
4. Take your inventory list and the start of your plan to your lawyer.
5. With the help of the attorney and tax professional, figure out what tool best fits your operation to pass on assets.
6. After your plan is written and signed, communicate your decisions with family members.
7. Be sure to review your plan periodically and amend or edit it as needed.
Learn more about transition and estate planning:
