Finding time to talk to your family about succession planning for your farm may be difficult. You may also be uncomfortable with the thought of selling your farm or handing over control to family members.
Make the time to develop a solid transition plan for your farming business. You’ll help ensure that your family’s wishes are met, and emotional stress is minimized.
Unlike estate plans, which concentrate on tax liabilities and the various ways to lessen the tax burden, succession plans focus on the future of the farm. They’re an integral part of an estate farm plan.
When you decide to retire, your farm succession plan may include:
Concentrate on the desired final outcomes of the succession. Among the important questions, you should ask yourself:
If you have a family member who could and may want to take over the operation, you should be comfortable that they have the knowledge and skills to run it profitably. Also, think about siblings who might each want a piece of the farm. Are you being pressured to sell by those who don’t share your love of the land?
Succession plans sometimes fail because certain risks were not considered during the planning stages, including:
It’s important to enlist the help of qualified professionals who don’t have a stake in the final decisions. They can help you make sound, unbiased decisions for your farm estate. Qualified professionals may include:
To learn more, call 1-855-863-9639 to speak with a licensed and non-commissioned insurance and financial service specialist.
*SNL Financial, 2018 (National) Market Share Report.
At Southern States ®, we are proud to be a farmer-owned cooperative. Southern States has partnered with Nationwide ® to offer Southern States Cooperative member-producers in North Carolina and Virginia special discounts on farm insurance. In addition to giving you exclusive insurance savings, we're also joining forces to support the cooperative that means so much to you.
Nationwide® Agribusiness is the number 1 insurer of farms in the U.S. and a leading insurer of commercial agribusiness. Go to nationwide.com/southernstates to find a local agent.