Our services in Estate Planning help family business owners transition their operations from one generation to the next. Many times in a farming business you have multiple generations working side by side -- grandfather, father, son, daughter or daugher-in-law...all in a loose partnership with no clear direction. Our job is to help you establish parameters and concrete steps to successfully move the business from one generation to the next, making sure everyone who's involved gets the best benefit.
We consider potential tax consequences. Sometimes a misstep in the tax planning can jeopardize the future of the business. It's important to know the rules and plan accordingly. We think about family members who don't want to farm, and how they impact decisions on the farm without even being there. The process starts with a discovery workshop where we interview all family members, working to understand where they are today and their assets. We help them identify weaknesses or pieces that are missing and then move forward in creating a strategic plan for a great transition.
A key element here is communication. Those involved need to voice their needs, dreams and desires, and then when a plan is created, they need to understand their role. We also identify if tools are needed to mitigate the risk of a transition. These might include liability insurance and/or life insurance. There are many pieces to this puzzle, and these are just a few.