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Louisiana is starting a program to honor farms, ranches and tree farms that have been in the same family for at least 100 years.

When timing is everything, a contingency plan will keep you on track.

Attention to business matters keeps family operation focused.

My father’s actions planted the seeds of success.

Disability, life and long-term care insurance provide reassurance.

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.

Without a formal plan, it’s a battle to keep the farm.

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.

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.

Profit centers give this Montana family more flexibility.