Farm Estate Planning Cash When You Need It
Cash will be required to settle the estates of farmers today and tomorrow just like it has been in the past.
You spend your life locking up your assets in land, livestock, equipment, etc. and when death comes, virtually always premature and usually unexpected – that cash has to be unlocked.
Some of it will have to be used to meet your commitments to your family and the bank – some will have to be ready for your bankers.
The only way that really works – allows the farm to keep moving forward without having to go backwards first, is life insurance. You know it and your family knows it.
Then there is the question of what kind and how much. Ask your insurance agent for this.
I came across some interesting posts that address, in one way or another the whole life vs term controversy.
I am absolutely amazed that this question keeps being batted back and forth and is always the subject of expert opinions.
Here is an article that will shine a light on that question – so you’ll be better prepared to ask well considered questions of your insurance agent, and better understand their answers.
Which is Better – Whole Life vs Term is the WRONG Question
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
