Options for transferring land while alive that keeps business structure and taxes in mind, while maintaining family relationships.
Successful negotiation takes practice, research, listening and understanding what’s a fair deal for both parties.
The last step in the transition is to embrace that it’s an ongoing process and subject to change.
Dr. Tom Deans, Intergenerational wealth transfer expert, shares how farm families can overcome issues and move towards a successful farm transition.
The first step on your pathway to farm transition is being prepared. Here’s some advice on how to get started.
Understanding the farm business value is useful for more than just sale situations. Financial experts say both general assessments and more in-depth business valuations are practical in multiple ways, including developing tax and transition plans.
Enacting joint ownership for property and other assets is a common tactic in estate planning. It’s easy to implement, however, hard to retract, and can bring business-ruining risks.
Parents are often hesitant about dividing estate assets fairly among farming and non- farming children. In this episode, we look at ways to achieve this while keeping the farm stable.
Farms are expensive. For families in transition, ensuring the next generation has enough capital to buy the farm while leaving the previous generation with enough to retire can be challenging.
When transitioning families are contending with both farming and non-farming children, some financial advisers say smaller financial gifts given earlier in life can alleviate some concerns.