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Leave a Legacy

RSS By: Kevin Spafford, Legacy Project

Kevin Spafford is Farm Journal’s succession planning expert for the Farm Journal Legacy Project.  He hosts the nationally-televised ‘Leave a Legacy’ TV, facilitates an ongoing series of workshops for farm families across the U.S., and is the author of Legacy by Design: Succession Planning for Agribusiness Owners.

Don't Let 'Em Fool Ya!

Aug 24, 2010

 From Legacy Moment eNewsletter (08/20/2010)
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Too many professional practitioners equate estate planning for family agribusiness owners with succession planning. Although there is a degree of overlap between the two practice areas, their goals are wholly and completely different.

Succession planning is designed to provide a plan for the orderly transition of ownership from one generation to the next at the owner’s retirement, disability or premature death.

 

  • Succession planning focuses on transferring ownership to family members, co-owners, key employees and/or third parties as a going concern under specified conditions.
  • Estate planning addresses transferring wealth to heirs, providing for survivors and minimizing the estate tax after death.
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