Abstract:
The purpose of this guide is to provide foundational education for farm and ranch families on how to create a basic business succession and estate plan. In working with farm families, we have identified four fundamental goals for the farm succession planning process: (1) preserving family relationships, (2) strengthening the farm business, (3) protecting the owners and operators from business disruptions, and (4) minimizing the complexity and expense of succession and estate plans. With some basic knowledge, you will be educated consumers of legal and financial services, which may save you time and money as you consult with the attorneys, accountants, and other professionals who are key to creating a successful plan. This guide also gives you a starting point as you consider your alternatives and begin family discussions about the roles that each family member or nonfamily member may play in the future of the farm as a business.
