|
| Find a competent attorney well versed in estate planning to draft a buy/sell agreement. This legal document will spell out the terms and conditions and will satisfy that portion of the equation.(I usually go with the client to the attorney to assist and provide guidance in drafting a suitable agreement that fits the situation at hand) The next hurdle is how to handle the liquidity requirements to fund the buy/sell terms. I have many folks that would disagree with above poster opinion that life insurance is too expensive for anybody over 50. It was the least expensive, most viable option, in the absence of those involved, having enough personal liquidity to accomplish the job. I advise folks they only need to fund to a level whereby the farming heirs can then get bank financing on the balance, and at a level whereby they have a fighting chance of success on their own. And generally speaking, there are tax issues that need to be accounted for, along with a plan for long term care on parents. It’s all part of a comprehensive plan. My email is good if wish to discuss further.
Edited by Boone & Crockett 3/16/2026 12:34
| |
|
Farm succession
