estate planning checklist for farm families

Do you want to divide all of your farm and non-farm assets equally among your children? If this proves impossible, can you settle for fair instead of equal? How do your kids feel about the prospect of one person inheriting the farm and the others getting a portion of your non-farm assets?.If the farm is too in-debted, for example, there may not be enough value to pass on. For now, keep it in mind as another possible outcome. Is the farm worth anything? You may not be able to answer this until you take a closer look at your balance sheets.

You may have to watch your child(ren) make mistakes and even lose money. Overall, passing on the farm means handing over control, too.

Prepare yourself by considering your willingness to discuss business matters with your kids, treat them like equals, give them an easier path than the one you had, and so on.

How ready are you to start this process? The farm succession process may involve difficult conversations and strong feelings for you and your family members.

Key Considerations for Farm Succession Planning This comes with the benefit of avoiding estate tax, although it also eliminates cash income for your retirement. Another option is to donate the farm and equipment to a non-profit organization.

Estate planning checklist for farm families