Does retirement seem impossible?
Focus on Farm Transition videos provide strategies and advice to help you navigate the key challenges and questions that arise during the farm transition journey.
There are many factors, both financial and emotional, that impact a senior partners’ ability to retire from the farm. In this episode, we talk about the questions to answer and the roles in transitioning to retirement.
- Create estimated annual retirement budget based upon goals of the senior partners, unforeseen expenses and inflation.
- Cost of retirement will become a debt obligation to the farm unless there are other income streams or savings.
- Include accountant and junior partner to determine if farm business can meet obligations and stay healthy. And, what is the most tax efficient way to extract farm funds?
Watch the next episode
Parents are often hesitant about dividing estate assets fairly between farm and non-farming children. In this episode, we look at ways to achieve this while keeping the farm stable.