Land as Your Legacy Program Meets You Where You’re At
Having a solid financial plan for the future of your family and your farm is not a new idea. However, understanding all the elements of a long-term farm plan and knowing how to start can be challenging. Do you start with estate planning or succession planning? What’s the difference? How do you begin a conversation with your family members and farm business partners?
The Land as Your Legacy program, developed by Nationwide, is designed to provide dedicated, experienced agents trained at helping families transition farm businesses to the next generation. Agents will take you through each phase of the process meeting you where you’re at. From acting as the objective third party at a family meeting to going with you to meet with your attorneys to walking you through the complicated legalities, agents can serve many roles to ensure a smooth transition.
Allan Murray of the Ohio Valley Insurance agency, a Nationwide On Your Side® Elite Farm Certified agency, offers the first and most important tip to any solid long-term financial plan. Communication.
“My advice to clients and friends, alike, is to start by simply communicating with your family – just ask their opinions. Weigh their thoughts and comments, then seek professional help in making your plan,” says Murray.
When discussing with your family, Murray says, consider the five key elements that make up the Land as Your Legacy program. Your Nationwide agent will take you through each of the following areas:
- Succession planning – Determining how your land and assets will be distributed to avoid conflict in the future
- Business planning – Establishing buy-sell agreements, reviewing alternative business structures, and reducing taxable income
- Risk management – Putting the appropriate risk policies in place to keep future generations from being affected from a loss incurred today
- Financial independence – Setting up life insurance and a trust to create financial security while also avoiding the costs of probate
- Estate planning services – Making sure your estate documents are in order by updating them to reflect your current objectives and goals
“This process may be done in a complete and quick transition, or it can be done with baby steps,” says Murray. “What you have built in your life should be a cherished gift. That’s why it’s so important to communicate with family, even over-communicate, so they know what’s going on. It’s crucial they know what your wishes are, even if they don’t agree.”
For more information or to find a Nationwide Farm Certified agent near you, visit www.aginsightcenter.com
