The family farm holds a special place in family members’ hearts. Transferring the family farm treasures to the next generation can lead to hard, family conflicts. But the transferring of these items is inevitable and will occur at some point and unfortunately, estate planning doesn’t happen until it’s too late.
Ignoring the estate issue will not make it go away. In many cases, not having a plan destroys families. The emotion tied to the family farm and its cherished possessions are extremely high. In the article entitled “Who Gets Grandma’s Pie Plate?” the University of Minnesota Extension Service provides a good outline on Financial Security for later in life. This article gives “Six Factors to Consider”:
- Understand the sensitivity of the issue of transferring non-titled property.
- Determine what you want to accomplish in the transfer.
- Decide what is “fair” in the context of your family.
- Understand that belongings have different meanings for different individuals.
- Consider distribution options and consequences.
- Agree to manage conflicts if they arise.
Not convinced you need to go start your Estate Planning?? Watch and listen to a few stories Ron Hanson, a Professor at the University of Nebraska-Lincoln, shares in this video.
AgQuest is ready for the next generation of producers. Is your farm ready?
Regents of the University of Minnesota. 2011. Who Gets Grandma’s Pie Plate?. University of Minnesota Extension Service.
Ford, Hannon T. 2011. Estate Planning. The Ford Law Office, L.L.C.
Hanson, Ron. 2007. Farm Family Business Ownership Succession: You can buy the farm but remember that I still own it. University of Nebraska-Lincoln.
The contributions of the third parties views represent the opinions and views of the third parties. AgQuest Financial Services does not endorse these resources and should be considered only as a form of advice.