Farming is often a family run operation. As with any business, proper business planning and estate planning ensures that future generations can carry on the job you have worked so hard to build and maintain. Do you have a transition plan in place for when it's time to hand down the farm? The time to act is now. Waiting until you are ready to retire or not having a plan in place when you pass away can put the entire farm at risk. Southern States has partnered with Nationwide Agribusiness to provide vital information on farm management best practices, risk management and other business issues relevant to farms and ranches.
Today's farmers need a plan that outlines the legal steps for transitioning the family farm to their children. As with any family business, there are children who are integral to the farm and have invested much time, energy and dedication to its success. They are counting on this farm to provide for their family for the next generation. You need to take action now to preserve your legacy. Estate planning for farmers takes into consideration the unique legal challenges faced by farm and ranch families. Agribusinesses typically have a large amount of non-liquid assets, such as land, buildings and equipment. A successful farm transition plan takes all of this into account and establishes a systematic transfer of ownership and management.
Farmers have unique needs when it comes to financial and estate planning. Farm transition planning legalizes the transfer of the family farm and its business to the next generation. This planning is essential to ensuring the longevity of the family business, but there are also other financial tools that can make a difference in the stability of your farm business and guarantee the success of your farm for future generations. In addition to estate planning, investment planning and retirement planning can make the transition to retirement a much easier and more enjoyable process.
Work with your farm agent to discuss and determine the best course of action for your business in regards to: life insurance, retirement plans, annuities and mutual funds. Also, seek advice from your tax advisor about tax laws and their impact on your retirement and estate planning. Federal tax laws are complicated and subject to change.
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.