Legacy Planning
Do your consultants have succession plans?
You’ve done the hard part. You’ve set up a trust and allocated assets. Now, who will oversee it after you’re gone? Choosing a trustee is a major financial and personal decision.
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
How do you approach transition planning when two of your children are on the farm and one is not? You must be intentional and communicate.
As a young Nebraska farmer, Maggie Holub is in a league of her own. She has a complete, but flexible, succession plan — in writing.
Here’s what farmers should consider with this sometimes complex question.
As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues.
Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.
It’s not impossible for young farmers to get started in agriculture if they really want it but expect it to take hard work, investing time and care in neighbors and having a few uncomfortable conversations.