Farm Succession Planning In Hamler, Holgate, Grand Rapids, Tontogany, Liberty Center, Delta, Waterville, OH, and the Surrounding Areas

While you are busy handling all the needed tasks on your farm in Hamler, Holgate, Grand Rapids, Tontogany, Liberty Center, Delta, Waterville, and the surrounding areas, an important issue continues looming over you and your family. We’re talking about a farm succession plan, and at Beck Insurance Agency we want to help you understand all the ramifications of passing on your farm successfully to the next generation. It is better to get started now instead of waiting until the children are older, or until after you finish this upgrade, or whatever else you might have in front of you.

There are many options you have with your farm, but the right answer will only come from having conversations with your family and understanding what everyone wants. Contact us today to start the conversation about how your farm will transition in the future.

Farm Estate Planning

Many times the land that your farm occupies is much more valuable, at least in the short term, for uses other than agriculture. Even with the best of intentions to pass the farm to the next generation, issues can arise that throw this plan into chaos without the proper estate planning in place. Just because you have had many talks as a family, unless this is written down where all members can see it and agree to it, it’s just words that have no meaning.

Part of the issue can come in when you have some children that want to farm and other children that don’t want to farm. How do you handle the disbursements of assets when the on-farm children are unable to buy out the portions of the off-farm children? Making plans now and adjusting them as time goes on before you transfer the assets to the next generation will make all of the difference when the time comes.

Farm Perpetuation Planning

Estate planning will accomplish five specific goals: proper ownership transfers, reducing estate taxes, securing the financial future for the next generation, helping prepare for financial management skills, and keeping productive land in agriculture. As part of this effort, it is important to have a full inventory of the assets of the farm as well as any debts. And with this estate planning for the farm, having the right insurance in place with the right people included is just as important to protect those assets as they are transferred to the next generation.

Farm succession planning is important for all family members regardless of their ages and interest in the family farm in Hamler, Holgate, Grand Rapids, Tontogany, Liberty Center, Delta, Waterville, and the surrounding areas. Even if things appear straightforward, the odds are that things will not be as easy as imagined unless you have the right plan. Contact Beck Insurance Agency today to get started on your farm estate planning.