Farm Succession Planning and Estate Planning

Estate planning can be especially important for farm families who are moving their family business to the next generation and looking to minimize estate tax.

Farm Succession Planning and Estate Planning

We work with farmers to design and implement a solid and individualized estate plan to transfer the farm to the next generation. Most clients wish to keep the farm in the family and pass on a viable farming operation. We work closely with the clients to develop a cohesive trust or will plan that works for their individual family situation and dynamics. In order to develop your Will Based or Trust Based plan our planning tool box includes:

  • The use of tools that can help equalize or satisfy the distribution discrepancies between on farm and off farm heir
  • Tools that development or integrate an LLC operating agreement and probate management of ownership interest
  • Tools that involve leaseback provisions, first rights of refusal, and options to purchase
  • Assistance with asset management and probate avoidance
  • Implementation of the general estate planning documents including the Financial Power of Attorney, Health Care Power of Attorney and Living Will