Farm families have a lot on their plates, considering they make sure that the rest of us have something to put on our plates at suppertime. All too frequently, we meet families who haven’t formalized their business or succession plan for their farm. It’s easy to assume that the kids are going to continue doing things the same way we’ve done them, but, for starters, we know what happens when we assume, and, furthermore, since when do kids do what’s expected of them?
Even if your family is mercilessly free of uncertainty and drama (congratulations!), we think the peace of mind that comes with a well thought-out estate plan is absolutely priceless. We enjoy working with Water Street Solutions, because they share a similar attitude about the importance of protecting the future of the family farm. Their publication, Smart Series, is a great resource for families who’d like to set their business on the right course.
If you’d like to read more, we recommend this article about Legacy Planning: The legacy talk, How to get started and don’t forget to visit www.waterstreet.org for additional information.