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Hennepin, IL | A lot of the successful transitions Ive seen, the parents talk about it early and often. The best plan still can be and probably should be fluid. Nothing wrong with saying "if this happens, we'll do this. If that happens, we'll do that". Sometimes equal is fair. A lot of times it isnt. Sometimes equal is shorting the non farming heirs. There isnt a 1 size fits all plan. Best is like I said above to be thinking about it, and plan early for A) the heirs to not NEED the inheritance, and then B) a plan for the farm to stay intact. When you plan early, you also have to plan for multiple potential farming heirs that you dont even know yet, let alone what kind of people they will become. Maybe the chosen farming heir doesnt have kids that are functional in society, but one of the others has a kid with that deep drive. Maybe theres multiple cousins who want to farm. Do you want to help them or not? Lots of things to think about. | |
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To the young guys- inheritance