I Don't Think a Plan is Necessary If...
Apr 08, 2014
From Legacy Moment (04.04.2014).
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No doubt about it, planning for succession is a big job. It requires a lot of commitment. It may cost money and there's no guarantee it will work as you intend.
So, why plan? To be blunt, it really isn't necessary if:
- You don't want the farm to remain in the family.
- You prefer that your family fight over the spoils after you're gone.
- You don't care about the farm and those who are dependent on the operation.
- You think your family will prefer liquidation to settle your estate.
- You assume your neighbors are better farmers than your descendants.
- You don't want a smooth ownership transition.
- You don't want fair distributions; you prefer equal as prescribed by the state.
- You and your dependents don't need financial security.
- You want to pay your full-proportionate share of estate taxes.
- You don't mind if your farm is converted to non-farm use.
- You don't mind if your land is farmed by an ever-larger neighbor.
- You hope the highest bid is a testament to your hard work.
- You don't want to provide opportunities for future generations.
The hard truth of planning for succession is this: it's not necessary if you and your descendants prefer the family farm ends on your watch.
News & Resources for You:
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