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| My Dad started doing estate planning way back in the early 70's, when the IRS was by far the biggest threat to any family business continuance. Fast forward to today, its generally a liquidity issue when there are non farming siblings, with the desire for the farming heir to take over. Takes a pile of cash today to make that happen. The easy button for the parents is the do nothing approach, which is the majority of estates, leaving the assets as undivided interests. After that, it gets harder, much harder, to establish a fully funded succesion plan. This excercise is exponentially easier if started at age 50. I've found this is a pivotal age to get going on the transition plan. Lots of questions have been answered by this point, mainly, by this time, is usually apparent which children are the succesors, if any at all. And generally the parents health has not yet become an issue if life insurance is going to be necessary to fund the succesion plan/buy-sell agreement. Today the IRS is rarely the 800 pound gorilla wanting to take a chomp out of your hind end, its the nursing home, for if that risk is not accounted for, many plans wont matter, for there wont be much left. So, dont delay. There is nothing good that comes from procrastination that I've ever seen, anyway.
Edited by Boone & Crockett 2/20/2026 08:30
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To the young guys- inheritance