“Solve Your Parents Concerns First!”

When the day comes that the senior generation finally agrees to hang it up, dare I say the word, retire – where will the money come from?

It has to come from some place.

Will assets have to be sold, or will everybody have to tighten their belt, or both?

When the senior generation wants or must stop doing the day to day physical work, how can they be replaced and their salary continued – while still allowing for the growth of the farm business?

With some more left over to buy out the non-farm heirs when the time comes.

This is not the time to bring in the accountants or lawyers – rather it’s a time for soul searching discussions. What you and your family should be considering now is what’s important to you all.

Senior Generation Only:
What is your best reasonable estimate concerning the income you and your family would require under the following conditions?

Annual income required to maintain your present standard of living?
Annual estimated income required for acceptable living standard in retirement?

Don’t worry at this point whether it’s possible to meet these requirements or where the money will come from. For now,  just try to estimate what the numbers are.

Here are some critical questions that need to be asked and answered:

Do you regularly review your estate and retirement plan with your professional advisers?By getting these and all the spin-off questions answered you’ll bring the problem/solution into better focus.Some solutions will occur to you as you go along.Others will come from your advisers, not yet – but soon.Imagine how different, with less stress and worry, the process of passing down the farm will be once the concerns of the senior generation are handled?All the best!Wayne Messick,