A great way to start farm succession planning is with these five steps. Come join us in St. Louis on January 21-22 for the Farm Futures Business Summit 2016 where I will discuss these steps in a breakout session focusing on legacy planning. Join me and we can start on your legacy plan together.
And remember – the hardest part of a legacy plan is getting started.
Here's what we'll cover:
1. Create lifetime income for you after you exit the business.
We will share tips and strategies to create lifetime income that is independent of the farm business. You'll learn how you can have all the income you need without placing a burden on the farm business.
2. Prepare the new owners to meet the financial challenges of the business (whether they are your family members or outsiders).
We will show you a process that allows the next generation to know where they stand now and what specific steps to take to be ready to step in.
3. Manage your health risk.
Good health can be as big a challenge as bad health. We'll show you a game plan that allows for a long retirement if you are healthy and a secure retirement if you have health challenges.
4. Manage the successor's risk.
We'll show you a plan to protect the transition from the successor's disability or death.
5. Keep it fair to the heirs
I'll show you some legal strategies that allow for a successful transition to the new operator along with fairness to all heirs.
At the Summit we will talk about all of this and leave plenty of time to answer your questions. Sure hope you can join us. Follow this link for details: Farm Futures Business Summit 2016.
Investing in a knowledgeable advisor and thinking about answers to key questions before putting pen to paper can make creating a farm estate plan much less complicated. Use the Penton Agriculture free report, Farm succession planning: Customizing a farm estate plan to get started on your own plan.
If this blog has got you thinking about your own situation, get in touch with my office (mailto:firstname.lastname@example.org).
The opinions of Rich Dunn are not necessarily those of Farm Futures or the Penton Farm Progress Group.