Farm succession planning
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Understanding farm succession planning

Estate farm

Finding time to talk to your family about succession planning for your farm may be difficult. You may also be uncomfortable with the thought of selling your farm or handing over control to family members.

Make the time to develop a solid transition plan for your farming business. You’ll help ensure that your family’s wishes are met, and emotional stress is minimized.

What you should know up front about transitioning your farm

Unlike estate plans, which concentrate on tax liabilities and the various ways to lessen the tax burden, succession plans focus on the future of the farm. They’re an integral part of an estate farm plan.

When you decide to retire, your farm succession plan may include:

Determine the desired end result

Concentrate on the desired final outcomes of the succession. Among the important questions, you should ask yourself:

If you have a family member who could and may want to take over the operation, you should be comfortable that they have the knowledge and skills to run it profitably. Also, think about siblings who might each want a piece of the farm. Are you being pressured to sell by those who don’t share your love of the land?

Getting it right the first time

Succession plans sometimes fail because certain risks were not considered during the planning stages, including:

It’s important to enlist the help of qualified professionals who don’t have a stake in the final decisions. They can help you make sound, unbiased decisions for your farm estate. Qualified professionals may include:

You can also trust Nationwide to help guide you throughout the entire transition planning process. Learn more about our Land As Your Legacy® program.

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