Posted 2/19/2021 19:56 (#8845435) Subject: What business structure to put farm in
Quick version of my situation: first generation farmer, farmed for about 16 years, I've bought 2 pieces of land looking to buy more, have 2 daughters which I would love to have take over the farm but the reality is the odds are against that. So might be a one and done. I really haven't put much thought into business succession planning because honestly up until now growing my business has taken more of my thoughts than an exit strategy. But due to a mid life crisis, a maturing of my thoughts or whatever the reason...I'm starting to put thought into how to start structuring things.
I desire to pass the land onto my daughter's, or wife first then daughters... assuming that's how life plays out. Currently I just run as a sole proprietor. Is there something else I need to be looking at like a corporation, trust,etc? I still have 20-30 years to farm yet, God willing. But I've come to learn 20 years will be over in a flash and tomorrow is not promised to me. So I theoretically have time, but I also realize this might be easier to do now vs trying to unwind something later.
I also realize this is an estate attorney question and have no problem doing that. I just want ideas going into something like that so I can at least sound educated.