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estate planning with or without life insurance?
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SDfarmer44
Posted 3/2/2021 20:42 (#8869023)
Subject: estate planning with or without life insurance?


Im still young but looking to the future and what different ways there are to pass a farm from generation to generation. My main question is nonfarm heirs. I have heard and read many places that whole life life insurance is the biggest scam going, But from my understanding is it not pretty much necessary to have it to "pay off" non farm heirs? Weather that be the nonfarm heirs getting money from investments & life insurance and the farm successor gets the land and equipment and what not. Or the farm successor gets the life insurance policy to buy back the other parts of the farm from the siblings. These seem like ways I have heard or maybe just thought on my own and they arent the common/ right way?

So what is the right way to pass farm and split estate between nonfarm heirs and the farm successor while trying to be fair? This is all assuming its a farm large enough that you couldn't be "self insured". Just for easy numbers say land worth 10 million and equipment for another 5 million. Seems like it would be hard to be "self insured" and have enough in investments and cash to pay off say another 2 children to match that value.
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