By: Robert Moore
In a recent survey conducted by the Ohio State University Extension Agricultural and Resource Law Program, farmers identified estate planning and succession planning as their biggest legal issue. This concern is likely caused, at least in part, by a lack of understanding of the tools available to assist with estate and succession planning. The following is a discussion of some of the strategies farmers can use to develop a plan to protect their heirs, assets and farm.
- Farmers need to turn to competent advisers for estate planning.
- Trusts and LLCs are valuable tools for farmers implementing estate planning.
- LLCs are probably most valuable as land-holding entities.