Legacy Project
It’s time. You need to finally make your farm’s succession plan a priority. As you take a first or second or 20th step in the process, shoot to avoid some common landmines.
Here’s how you can avoid committing these harmony-harming mistakes.
Move your succession plan forward with collaborative experts.
You are likely making plans for seasonal help. If that team includes children or grandchildren, you might want to consider setting up a custodial Roth Individual Retirement Accounts (IRAs) for them.
You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?
Succession planning is difficult and time-consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.
Here’s how to start, continue and succeed in your farm’s transition plan.
Prenuptial agreements are far from romantic. But they can prevent a farm from facing a devastating asset loss or long-term hard feelings.
