Succession Planning

Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you’d like. Of course, some exceptions apply.

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.

Three highly respected growers from Illinois, Iowa, and Oregon offer a string of succession factors for consideration.

John Phipps acknowledges the challenges in transition planning from one generation to the next. This week, he shares insights on why no transition will be successful if there is no trust nor respect between generations.

Consider these four tips to jump-start your succession planning process.

Retirement plans require open communication and tough questions

Top Producer’s Executive Women in Ag gets underway Jan. 28. Registration is open.