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.
Estate planners are scammers. Years ago, i set up a corporation, an irrevocable trust that holds the shares of stock. I named my children as beneficiaries, today the corporation owns all the land, equipment, and everything else and pays its own taxes. It added land every few years. My goal was to never let an Estate Planner or lawyer get their fingers into it. Today when I die, no outsider will have access to my lifes work. disposing of the property will be my chldrens problem, and both of them have a lifetime to work it out. It is no ones business what property a person accumulates in his lifetime.