Succession Plans
ARTICLES
Openly discussing money in farm families is key for smooth transitions and financial literacy, through steps like leading conversations, understanding values, managing debt, analyzing spending, sharing stories and holding family meetings.
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Is it time to walk away? The transition plan breaking point
Transition planning can be messy and heartbreaking. If opening up communication and forging a plan is not possible – even with the help of a third party – it may be time to move on.
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How to get those tough and tender conversations started – part two
Methods to approaching tough transition conversations have evolved over the years, and today the best way forward starts by knowing your motivation for farm transition.
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Why power of attorney is important
For older farmers, a power of attorney can provide financial protection and peace of mind as they age.
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Why you need to build your personal wealth bubble
Building wealth beyond the farm assets provides flexibility for living expenses and transfer of wealth to non-farm heirs.
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Easy ways to get your wills done
April is wills month, and the perfect time to get farm and family affairs in order.
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Own your future: Answers to some of the toughest succession planning questions
A candid discussion about planning for and going through farm transitions by a panel at a recent conference.
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How to get your non-farm siblings onboard with your farm vision
Financial transparency and open discussion can help keep families and farms together.
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Help! My parents have loads of debt we don’t want
Debt service plans are an important part of the farm transition process.
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Choosing not to farm
Tips for navigating tricky family dynamics, whether you are the child who chose to farm or one who opted for an off-farm career.
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