Preserve Your Land and Business With Transition Planning for Farmers
Have you developed a transition plan for when it's time to pass down the farm?
Nationwide's Land As Your Legacy program helps provide security to families engaged in the agricultural community so that the land and businesses that you have worked for generations will be preserved and remain a legacy for generations to come.
There are 5 key elements in the transition planning process that you should consider. Watch this video to learn more:
Put together a farm transition plan
Farmers have unique needs when it comes to transition planning. They typically have a lot of non-liquid assets, such as the land and the equipment needed to farm that land. A successful farm transition plan can help you:
Preserve your legacy
Safeguard the value created by your operation
Set up an orderly transition of ownership and management
Provide for financial basics
Turn non-liquid assets into cash to cover taxes and expenses
Identify and manage risks
While legal structure, estate documents, business documents and financial instruments are all important to a successful farm transition plan, it couldn’t happen without people. Your farm agent can bring in a team of specialists from the following areas: life insurance, annuities, retirement plans, mutual funds, advanced consulting and independent agencies.