Farmers are planners…it’s part of their DNA. Whether it’s planning for the next season or the next week, your schedule is often laid out days or months in advance.
But one thing that’s often not part of their planning deals with the not-so-comfortable subject of estate planning.
It’s not just with farming…estate planning in general is not on the radar for most folks, probably because thinking about what will happen to your assets after you have passed away isn’t normally a daily topic of conversation.
But for agriculture producers, estate planning is critical. And, it can mean the difference between the farming operation you’ve worked to build carrying on…or dissolving.
And this article summed up the reasoning quite well: “There are two things you need for your farming operation, says Ed Gillentine: an estate plan and a knowledgeable, trusted tax professional. Otherwise, he says, the consequences to you and your heirs could be unnecessarily costly.”
“I’ve worked with hundreds of estates, and I’ve never seen an estate that worked out well without some type of plan,” he said at the annual meeting of the Mississippi Land Bank. “Given the outlook for further growth in land prices in the coming years, and the increasing value of your equipment, buildings, and other assets, I can promise you: if you don’t have a plan, you’re going to get hosed.”
The article provides some good advice on the benefits of a good plan, and how to get the ball rolling. It’s worth a read.
Do you have an estate plan in place?