Estate planning can be a challenge for any family. When you consider multi-generational farm families, the process can become more complex. Every member of the family may have their own desires and opinions about the family farm, and this can lead to problems.
For those members of the family that currently own the farm, it may be beneficial to consider mediation now, before the need of going to probate arises, to settle all the differences about inheritance and the ownership and management of the family farm once it moves to the next generation.
Family Considerations – Tax Benefits – Personal Choices
There are many things that must be taken into consideration when you are making your estate plans. Multiple children in a family may play a factor in inheritance as well as the career choices of these children. Grandchildren that may be involved in the farm may need to be considered. If you have a second marriage, you may want to include step-children in your estate plan.
All of these things may seem straightforward to you, but your family may not agree. Sadly, this can lead to a prolonged fight in Probate Court that wastes family assets and time. This can also cause the family farm to be sold to settle disputes. The best solution is to prevent any issues before they occur.
Mediation Can Solve These Problems
Many farm families have turned to mediation as a way to combat these issues of passing on the family farm. All parties that have concerned can meet to discuss their issues in front of the mediator. Since the mediator is a third party, they can provide the family with unbiased opinions and suggestions about the entire situation.
In many cases, this is all the family needs to settle any disputes before they can arise. Something as meaningful as the family farm and inheritance issues can be very emotional subjects and having a non-biased third party can help settle the situation with ease.
Contact the Right Mediator
Rincker Law PLLC is proud to serve the farming community. We have experienced mediators on staff that can help farm families settle any dispute. When you need a mediator, call Rincker Law at (217) 774-1373.