I really love Neil Harl’s book titled “Farm Estate & Business Planning.” He briefly talks about the “power issue” when it comes to farm families and warns folks to consider this issue when formulating an estate plan. He illustrates this point with the following example: “An aggressive, able farmer died unexpectedly just days short of his 50th birthday. The business, …
Build a Management “Team” For Your Family Farm or Agri-Business
One of the biggest hurdles in successfully passing down a family business (with any kind of family business) is training its successors. Same is true with family farming operations or agri-businesses, which require specialized knowledge and skill sets. Failure to do so adequately can mean the end to a family business with the manager deceases or is no longer able …
Estate Planning Isn’t Just For the Elderly
Let’s face it. Estate planning is easy to push off. What’s another week… another month… another year… another five years… After all, I’m healthy. My spouse is healthy. We don’t have kids. We don’t have a lot of assets. I don’t care if what-little-I-do-have follows the rules of intestacy (i.e., the “default rules” if you die without a Last Will …
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