Paul Neiffer, a certified public accountant (CPA) from Clifton, Larson, Allen LLC and a speaker for the Farm Journal Legacy Project meetings this July, joins Farm Journal’s Pam Fretwell for the second time in a three part series on succession planning.
It’s important to have a succession plan for any business. For that plan to be effective it’s also important to understand what everyone owns in the business as well as the interplay of the income and estate taxes.
When it comes to making a succession plan, Neiffer says there is no specific age to start thinking of a succession plan, but he believes it should be thought of early.
“I would certainly be looking at it in you twenties and thirties as you’re first starting out,” Neiffer notes.
He believes a successful succession plan made early can help avoid unnecessary hassle when the plan finally comes into effect later on.
Paul Neiffer explains:
Join Paul Neiffer along with several experts in Indianapolis on Nov. 17-18 for the the two-day Farm Journal Legacy Conference event. He will discuss advanced entity planning and tax and legal strategies for family farm transitions. Other speakers include:
- Dick Wittmann, Wittman Consulting and Idaho farmer
- Polly Dobbs, Dobbs Legal Group
- Johnne Syverson, Transition Point Business Advisors
- Carolyn Rodenberg, Alternatives to Conflict, LLC.
- Danny Klinefelter, Texas A&M University
Farm Journal Legacy Conference
Tuesday-Wednesday, November 17-18
2501 S. High School Road
Indianapolis, IN 46241
Learn more and register at www.FarmJournalLegacyProject.com or by calling 877-482-7203.