Securing the future: How the Holmberg family preserved their farm legacy with expert guidance

The preservation of family-owned farms is critical to sustaining the communities they support, and the story of the Holmberg family at Holmberg Orchards in Gales Ferry, Connecticut, highlights the importance of proper planning in securing that legacy.

Richard and Diane Holmberg began the process of transitioning Holmberg Orchards to their son, Russell, in 2014. However, the journey was fraught with challenges and delays. Everything changed when they sought the expertise of Henry Mondschein, a Nationwide representative and trusted partner.

A clear, structured approach to legacy planning

Nationwide’s Land As Your Legacy® program was a vital resource in this process. Designed to help ensure the successful transition of a family business from one generation to the next, the program offers a clear, structured approach to legacy planning, addressing the complexities and emotional challenges that often accompany farm transitions.

Mondschein worked closely with the Holmberg family to implement Nationwide's Land As Your Legacy program, making the entire process smooth, transparent and beneficial for everyone involved. He broke down complex details into clear, actionable insights, helping them craft a future-focused plan they could trust. From the first consultation to signing the final documents at the attorney’s office, Mondschein was by their side every step of the way, offering guidance, reassurance and unwavering support. 

"Henry has become a trusted advisor for our farm," said Russell Holmberg. "He was able to carefully navigate our situation and find a path forward that met everyone's financial and emotional needs. Most importantly, he kept us on track with gentle, reassuring reminders of important benchmarks. We are grateful for his help."

Understanding the challenges

Retirement often isn't part of the long-term vision for many farmers, which is why farm transition or succession planning is frequently overlooked. Without a formal plan in place, passing the farm to the next generation can lead to unnecessary challenges for the family, place undue burdens on heirs and even jeopardize the financial future of the farm. Proper planning is essential to ensure a smooth and sustainable transition.

Family-owned farms often face the difficult challenge of dividing assets among heirs while preserving the future of the business. This process can become especially complicated when navigating intricate tax laws or managing potential family conflicts. However, these challenges can be avoided with a thoughtful and well-executed farm transition plan.

Working with a trained financial professional

A Land As Your Legacy trained financial professional can guide you in distributing farm assets more equitably among heirs while ensuring the farm successor is set up for lasting financial success.

“We worked together to make this transition as seamless and comfortable as possible,” Mondschein explained. “The goal was to ensure a solution that addressed both financial and emotional needs while protecting the farm’s future.” This case underscores the significance of having a knowledgeable advisor when navigating complex transitions. With the right support, what might seem like an overwhelming task can become a manageable and empowering process. The Holmberg family’s successful transition exemplifies how programs like Land as Your Legacy and expert advisors like Mondschein can help secure the future of family-owned farms, ensuring they continue to thrive for generations to come.