Reading Time: 3 minutes Every adult should have a will and powers of attorney. In this article, we explain the basics of these essential documents, why they are important and specific considerations for farm families. Once a succession plan is in place, it’s vital to update estate planning documents (e.g., wills and powers of attorney) to reflect the plan. […] Read more
Wills and powers of attorney: the basics and why you need them
Formalize the family farm with shareholder agreements
Reading Time: 3 minutes What if everyone in the farm business could lay out their expectations and at the same time determine what is expected of each to make the business work? And what if you could also design a road map for how each person exits the operation or buys out other parties? A shareholder’s agreement is an […] Read more
Planning for retirement: Lifestyle versus finances
Reading Time: 3 minutes Farmers might not think about retirement often, if ever. But the sooner you start to think about retiring, you can minimize the impact of the adjustment when the time comes. A retirement plan should be part of the conversation when creating a succession plan. The emphasis of succession planning is typically on transferring the business […] Read more
Legal considerations when transferring farm assets
Every farming operation is different and poses its unique challenges and considerations
Reading Time: 5 minutes The transferring of the land, buildings, equipment and quota that make up the farming operation can be thought of as the “meat and potatoes” of transition planning. Typically, once a plan has been developed for succession, there are assets that need to be transferred from one generation to the next. This can take the form […] Read more
How to get started on your farm succession plan
Reading Time: 4 minutes We see a lot of farming clients who, at the end of a call, will say, “We should get together to discuss our succession plan sometime.” But actually getting started requires intentional effort from the decision makers in the family. The first step is making the succession plan a priority. Succession planning is more than […] Read more
A message from April Stewart, Country Guide's Associate Editor
