Many farm owners may continue to operate the farm late in life without having a proper discussion with family members about business ownership succession within the family. These can obviously be tough issues to talk about, a key reason that these discussion are often deferred. However, talking through the issues may be important to ensure the best possible transition.
There are of course a multitude of considerations to take into account. Who wants to continue farm operations? Who holds what farm values? How do things get distributed equitably? Who is family? There are so many issues to consider that it may be helpful to talk with a specialist in such matters to ensure each step in the process gets fully covered.
Financial questions and their answers may be complex. Some may require a tax planner; others an estate attorney. There is much to know and consider. It may behoove you to meet with a specialist to sort through these issues. We can help find someone to help you.
Often these considerations can lead to difficult decisions. A family may need help handling such challenges if everyone is to remain on good terms throughout the process. Sometimes mediation can provide important tools to help with such matters. Just talking to a neutral, objective third party can help. Contact us. Our staff would be happy to help and provide you with appropriate referrals.