Thinking about the future of today's family farm brings family members a lot of unanswered questions. Each generation has its own concerns: The older generation is worried about how and when to retire, and whether the family will be able to handle the estate taxes after their retirement; the younger generation is worried about how the transition will go, what the plan is for the timeline of that transition, and possibly whether or not the parents even have a plan.
The whole family has the same goal--making sure the farm can continue and honor all the hard work that's been poured into it all these years. Communication is the key to making sure the farm transitions and carries on in accordance with the family's desires. Water Street Solutions CEO Darren Frye shares his insights on legacy planning and the transition process in this week's Finance First post on Farm Futures.