It’s Planning Season For each season, there is planning that you must do on the farm. To be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few…
IRAs, Annuities and Guardianship: Providing for Your Minor Children After You Die Deciding on a guardian for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially…
Estate Planning: Why Me, Why Now, and Is a Will Enough? You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or not…
The Family Farm: Strategies for Surviving and Thriving “I had rather be on my farm than be emperor of the world.” -George Washington The growth and strength of our nation, with its vast geographic territory, are integrally connected to farming. Although the percentage of the population engaged in farming has shrunk dramatically since the nation’s early days, there are still…
Succession Planning and the Family Farm 01/01/12 | WealthCounsel Quarterly | Todd N. Hallock, JD. | Sara Nelson Hallock, JD “Those who labour in the earth are the chosen people of God, if ever he had a chosen people, whose breasts he has made his peculiar deposit for substantial and genuine virtue.” – Thomas Jefferson The farmer as virtuous is…
Harvesting Family Harmony 04/15/17 | WealthCounsel Quarterly | Louis S. Shuntich, JD Over the next 20 years, 70 percent of farmland will transfer to the next generation,[1] but it is estimated only 30 percent will stay as family farms[2]. When asked why there is such a poor success rate at keeping farms in the family, an elder rancher put it…
Farm Transition Basics Planning a farm transition means making a lot of decisions, and those decisions should be focused on what you and your family want for the farm and your future. When preparing for this kind of transfer, take several factors into consideration. Risk Management Five major events can impact a family business, known as the “5 D’s.” Make…
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