Avoid the Farm Estate Planning Alphabet of Doom!
The essence of estate planning is the transfer at death of assets from one generation to the next.
In the case of a farm family the vast majority of what has been put together must stay together if the farm is to succeed.
Let’s face it, you can’t sell assets that are directly or indirectly generating revenue and expect your revenues to continue uninterrupted.
Your life insurance agent calls the domino like problems resulting during this process, cascading one on top of the other, the alphabet effect to help you visualize how a failure to plan for the long term future will effect you and your family.
First of all, attorney’s file the papers that begin the various legal proceedings.
Your friendly bankers will immediately begin to restrict credit.
Naturally your creditors want to be paid, sooner rather than later.
Debtors may begin to demand payment.
Your employees start to get nervous.
Here is a well considered article detailing the role your farm’s insurance agents play in helping you avoid the estate planning alphabet of doom.
Recommended Reading
- Family Farm Succession Planning
- Seriously, What Are You Actually Doing About Your Farm Succession Planning?
- Farm Success Nowadays Requires Excellent Management Competencies
- Are You Honestly Doing Something About Your Farm Succession Planning Or Not?
- Farm Succession and Strategic Planning Group
