Succession Planning
The younger generation must be given some real-life decision making power, and the older generation must allow them to live with the consequences of those decisions.
When timing is everything, a contingency plan will keep you on track.
Attention to business matters keeps family operation focused.
Disability, life and long-term care insurance provide reassurance.
Profit centers give this Montana family more flexibility.
Use the current estate tax laws, economic situation to your advantage.
A comprehensive succession plan always includes strategies to mitigate the estate tax and minimize transfer obligations. But even the best estate plan may not address succession concerns.
If a family has not adequately planned for succession, the operation will likely go out of business, be absorbed into ever-larger farms or be converted to nonfarm uses. Using the five keys to planning success will create a succession road map.
The Farm Journal Legacy Project continues its mission to help families protect their ability to continue farming.
Whats the difference between equal and fair in succession planning?
A properly designed succession plan creates a better outcome for farm owners and their successors.
The buy-sell agreement is an unsung hero of successful farm transitions.
Farm Journal Legacy Project workshops bring key elements of a succession plan to life.
Father-son duos take charge of their transition timelines.
Laws, circumstances and assets change over time. Do your estate planning documents reflect your current goals and wishes?
How can you prepare your successor and step down from being the manager? Danny Klinefelter, professor and Extension economist at Texas A&M, says families should follow these steps.
The Farm Journal Legacy Project Advisory Team shares tactical steps in how you can craft a successful plan for your farm.
Effective communication skills help family farms thrive
It is estimated that less than one third of farms have a designated successor in the family. This suggests two things. One, there are opportunities to farm. Two, it doesn’t have to be a relative to provide the opportunity.
We see advice and suggestions on farm succession plans, but rarely an example of what the young farmer actually experiences.