For many farm and ranch families, creating a succession plan can feel like reaching the finish line of a long and challenging process.

Succession planning is being addressed across the nation to help farmers and ranchers plan to pass down an operation to the next generation. These plans focus on the transfer of assets to one or more heirs, keeping land intact if possible, providing for retirement and so on.

Most family farm and ranch owners hope that their operation will continue into the next generation. However, accomplishing this goal doesn’t just happen on its own. A well-drafted estate plan is essential, especially for agricultural operations.

Now is the time to start early and take advantage of some strategic opportunities to save on taxes for both you and your family this year.

When someone hears “estate plan” they generally think “will.” However, for today, I want to focus on the other estate documents beyond a will – there are many!