It was a pleasure to be interviewed for this Syngenta Thrive article speaking on an issue near and dear to my heart- farm succession and estate planning. You can read more articles in the Thrive magazine here.
Fears When Talking about Money
Studies[1] have shown that the largest contributing factors to generational loss of wealth are a lack of communication and trust among family members and the failure to prepare heirs.[2] Often, fear is what underlies the lack of communication and trust that inevitably leads to unprepared heirs. Following are some of the fears that prevent people from communicating with their loved …
What Happens to a Limited Liability Company After a Member Dies?
Death is almost always a complicated event for the survivors, who have not only emotional but also logistical considerations to manage. However, when an owner (typically called a member) of a limited liability company (LLC) dies, it exacerbates the difficulties for the surviving members. In addition to bearing the loss, they must determine whether the LLC can or even should …
6 Considerations for Passing Down a Family Business
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could …
NALC Fact Sheet: Farm Succession and Estate Planning Concerns in a Divorce
Oftentimes folks who are getting a divorce, do not think about estate planning concerns but this is an especially important issue for multi-generational farm and ranch families, Read my fact sheet with the National Agriculture Law Center on this very topic here. All of the family law issues in agriculture Fact Sheets can be found here.
Illinois Agriculture Law: Farm Estate and Succession Planning
This presentation will be given to the Illinois Beef Association this Thursday in Galina, Illinois, at its annual meeting. It discusses the differences between estate planning, succession planning and business planning. Then it delves into the Who, What, When, Where, How and How Much. It too discusses how to have those difficult conversations and using mediation in this process. [slideshare …
Using Wills and Revocable Living Trusts for your Farm’s Estate Plan
Last week’s blog post focused on succession planning– this post will focus on farm estate planning by using wills and trusts (both equally important and can be easily confused). Let’s first look at the advantages and disadvantages of a will. A big advantage of a will is that it can be changed or revoked until the testator loses capacity to make, change, …
Succession Planning for Your Farming Business
Proud of my little cousin Austin Rincker- He made the cover of the Illinois Field and Bean last month (the flagship publication of the Illinois Soybean Association). He is noted in the article starting on page 6 titled “Successful Succession- Begin With the End in Mind.” If you follow this blog then you know how important succession planning for farms, …