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| Every ones situation is different, BUT, we did some estate planning a couple of years ago. Drove 4 hours to a meeting with a leading estate planning attorney, he asked questions for 40 minutes, then he talked. His one statement had me burning mad for the 4 hours home. "Each generation should control the farm for 30-35 years, if you have it longer, you are stealing from the next generation, " I was mad because I was at 30 years ! We had someone capable and willing to take the reins, I wanted the farm to continue, so whats the problem ? The problem is money. We had not made a fortune farming, we had made a living, had very little saved for retirement.
So you have to answer some questions before you start. Do you want full value for everything you own ? If you have more than one kid, are you going to be fair or equal ? There are no right or wrong answers to these questions , but you better honestly answer them before you proceed. By the way, the next generation is managing the farm and I am currently looking for a job ! Other than current commodity prices, I couldn't be happier on how things are going. Good luck to everybody in their decisions. Ron | |
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Letting the next generation take over...
