After months of planning the Moes, of Goodwin, S.D., are still in the early stages of the long road to creating a successful plan for transition. In Episode 24
of "Leave a Legacy TV," Clinton Griffiths visits the Moes to get an update on their progress.
Nearly two decades ago the Moes set up operating agreements and estate plans hoping that all the kinks would be ironed out when it came time for succession. What they didn’t realize was that their current documentation was not as clear cut as they had hoped. In fact, much of it was contradictory and several pieces were missing.
"We did estate planning years ago and we thought everything was set up, but when we got down to the nuts and bolts of it we realized that we weren’t as ready as we thought," says Greg Moes.
Brothers Jim and Greg Moes milk 1,400 cows, farm several thousand acres of land and own a trucking company that hauls their milk. The brothers have 9 siblings and each of them will inherit a portion the family land, but they aren’t all involved in the day to day dairy operation. The brothers say that although their siblings aren’t still on the farm, they hope to keep the land together because they rely on it heavily to feed their cows.
"Keeping the land together has always been our main goal as a family," says Jim Moes.
Next the family will assemble all of its documents including mortgages, long term leases, operating agreements and estate plans. The family will also begin the long process of documenting what is owned by the business and what is owned by individual family members. It is their hope that getting their plan in place and setting up the boundaries now will help make the succession process easier for future generations.
You can learn more about the Moes family by watching Episode 24
or by visiting www.FarmJournalLegacyProject.com/Moes