Succession Planning
No one wants their family business to look like the Dutton family’s in Yellowstone. Todd Wiley’s innovative succession planning instrument is designed to avoid unnecessary drama and position his four children for success in the family pork operation.
Ancient Greek philosophers viewed resources as abundant, not scarce, so economic action was judged not by the accumulation of wealth but by whether it enabled and served a praiseworthy end.
People often think they can figure out their estate plan later – when they are older, richer, sicker, free from debt and the list goes on. Expert Polly Dobbs says you should have a plan in place that fits today’s circumstances.
Taxes shouldn’t drive a farm’s succession and estate plan, says Polly Dobbs, an estate planning and wealth transfer specialist. She shares what farmers need to know about changes made in the One Big Beautiful Bill.
While 69% of farmers expect to transfer their operation to the next generation of family members, too many are misplacing their time and efforts, according to The Williams Group. The company offers 5 recommendations that can help farmers and other business owners course correct.
Freshly graduated from Western Illinois University, Paige Pence is getting an entirely new learning experience this summer as she gets her feet wet farming the 4,500 acres originally pieced together by her first-generation farmer parents.
Transitions of any kind are hard — but farmland might be one of the toughest, says Steve Bohr of Farm Financial Strategies.
Caleb Ragland is hopeful his boys will have the opportunity to be the 10th generation to carry on the family’s farming roots, but he’s concerned the fallout from trade disruptions, high input costs and low commodity prices could deliver a death blow to that dream.
Strong succession is driven by leaders who are willing to plan boldly, act decisively and invest in their next generation. Your family and your operation are counting on you.