The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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.
From Legacy Moment eNewsletter (08/27/2010)
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Though the purpose of most succession plans may be transferring ownership of the operation during the owner’s lifetime, many owners, for various reasons, maintain some level of ownership until death. If this is the case in your family, planning to transfer an ownership interest held at death means the transfer must also achieve other goals, including minimizing the estate tax, providing financial security for a surviving spouse and transferring the balance of ownership to the intended successors.
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