Transition Planning Made Easier

February 26, 2018

Are you prepared to talk about succession planning? Most of us, are not entirely sure where to begin. Nationwide Insurance developed a program to help agricultural families make a plan. It's entitled Land As Your Legacy and is designed to give you the tools you need to hold a family meeting so you and the next generation can decide who will be running operations in the future.

Consider some of these elements to see what it offers.

Business Planning:
Examine your operation and evaluate its profitability and health and determine if the farm can support or grow to support multiple families in the future.

Risk Management:
Identify, address and prepare for risks including long-term care expenses, or if supplemental income or insurance is needed by either generation.

Financial Independence:
Determine if you can afford to retire and perhaps transition to a mentoring role for the next generation. In this scenario, the current generation helps transition agreements and relationships, while the new generation learns the intricacies of farm management.

Estate Planning:

When you have a fully-formed plan in mind, you can work effectively with an attorney to create any documents you may need, such as business documents or beneficiary designations.
 

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