Legacy Project
Meet and exchange ideas with other families who are also in the process of succession planning at the Farm Journal Legacy Conference.
Matt Splitter leads the charge and change to carry forward a legacy.
The American Families Plan provides direct and indirect benefits to families. It also raises a lot of key questions for farmers and their succession plans.
It’s time. You need to finally make your farm’s succession plan a priority. As you take a first or second or 20th step in the process, shoot to avoid some common landmines.
This week Paul Neiffer has a conversation with Tim Richter and Jackson Dohlman, partners in Saratoga Partnership.
As Carroll Family Farms evolved in the past decade, the family knew they must prioritize transition planning, says John Carroll, a farm partner.
How can you get back on track with your succession plan? Focus on a contingency plan, a cash-flow plan and communication plan.
Enjoy this look of the farmers we met this year. You’ll probably find an idea or two to adopt as we look toward 2022.
Define family employment requirements for your operation
Here’s how you can avoid committing these harmony-harming mistakes.
Move your succession plan forward with collaborative experts.
You are likely making plans for seasonal help. If that team includes children or grandchildren, you might want to consider setting up a custodial Roth Individual Retirement Accounts (IRAs) for them.
To improve productivity in your operation and reduce stress in your family business, set these helpful ground rules.
Use weekly leadership meetings to set priorities and focus on goals.
You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?
As a young Nebraska farmer, Maggie Holub is in a league of her own. She has a complete, but flexible, succession plan — in writing.
Macroeconomic concerns continue to cause fund selling in all but wheat. That’s despite confirmation of China corn export biz of 24.1 mb. Scott Varilek of Kooima Kooima Varilek has analysis.
“Any money saved by not paying a lawyer to draft a will and succession plan, will be outweighed by the expenses associated with a family feud.”
Estate planning is important for all families and business owners, but it is crucial for farm families.
Estate planning laws aren’t different for farmers versus others; however, there are variances, such as vocabulary, emotional ties to land, operation versus land, own versus rent, personal financial statement and deeds.
As you develop your estate plan, consider opportunities for charitable giving.
Even though the transfer tax might not happen, it is likely we will see major changes in gift taxes.
Succession planning is difficult and time-consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.
One of the most overlooked and misunderstood tax laws — available to married farming couples — is an opportunity called portability.
There is no precise model when slicing the estate pie. Attorney Polly Dobbs and CPA Paul Neiffer will dissect these complex decisions.
Common goals, trust and open communication feed Pennsylvania operation
When a farmer passes an operation to the next generation, the inheritance can be fair, but it is rarely equal.