Farm Succession Planning

Farm Succession Made Simple For Farmers Committed To Their Future Success

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Who Are The Masters of the Farm Succession Planning Process?

August 31st, 2010 · Succession Planning

Whether this article is specifically about farm planning or not we believe it has information of potential value to you. For the most part what works for in-town companies also works on the farm, with a little modification and creativity.

No matter whether we are planning for the succession of the farm to the next generation or simply a trip to Disney World, to get where we ultimately want to end up we have to know where are right now and where we’re going, before we can determine which way is the best for us to go right now.

And we have to get agreement on where things stand today and agreement on the ultimate destination, before everyone will buy in to the travel itinerary.

Small business coaches can help you eliminate the frustrations and disagreements that often result from a lack of shared goals. They do this by helping to uncover the hidden agendas and secret desires of the participants.

The result is a sense of common purpose and direction that solves the typical situation where there are arguments from different perspectives.

How do they do that?

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Do You Actually Need A Professional Adviser Before You Can Get Your Farm Succession Planning Ignited, Or Not?

August 31st, 2010 · Farm Estate Planning, Farm Succession Planning, Planning for Succession, Succession Planning

In terms of farm succession planning, each and every coach offering farm succession and farm estate planning services offers their very own favored idea or plan that will inspire you to get moving.

For the farm succession process to gain any kind of traction, energy which will move it toward a rewarding finish, it 1st has to start.

Some thing or maybe somebody must break the stumbling blocks that stands in your way. What is it?

It might be the workshop leaders don’t discuss it because they do not know what it is. If that’s the case it might just be because they have not interviewed the people whose planning is actually on-going with no interruption toward the conclusion.

It could be they are fully aware what the ’secret ingredient’ is but because they cannot charge for that information, info that in many instances might make him or her in addition to their solutions redundant, they keep it to themselves. [Read more →]

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Estate Planning For 2010 and Beyond

August 30th, 2010 · Estate Planning, Farm Estate Planning, Farm Succession Planning, Farm Transition

Almost no one believed it would happen, but here we are: For the first time since 1915, the United States has no federal estate tax.

Congressional action nine years ago created the potential for this situation, and congressional inaction last year made it happen. At the 44th annual Heckerling Institute on Estate Planning, which I recently attended, many of the planners present were worried about their jobs. Not us.

The failure of Congress to act before the estate tax was repealed for this year creates as much confusion, opportunity and planning work as the tax itself did.

Because Congress before the end of 2009 did not address the “sunset” provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the estate tax and generation-skipping transfer (GST) tax were allowed to lapse for this year.

Next year, unless legislation changes things, the provisions of EGTRRA will expire and we will return to the transfer tax laws (generally, estate, gift and GST taxes) of pre-2002.

So in 2011, the rules would revert to a $1 million applicable exclusion for the gift and estate taxes, and a higher 55 percent tax rate, compared with the $3.5 million estate tax exemption and the 45 percent rate of 2009. The applicable exclusion is the sum of lifetime transfers plus assets passing at death that an individual can transfer without being subject to estate tax.

What does this mean for high-net-worth families? [Read more →]

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AVMF – Malden Brook Farm

August 29th, 2010 · Farm Strategic Planning

This Strategic Master Plan is designed to be led by AVMF, a non-profit 501(c)(3) organization with University, Government Agencies, Public Safety, Public Health, National, State, Municipal, and Community collaboration.

Initially the focus has been mainly on biological contamination mitigation without large amounts of damage to infrastructure.

Duration : 0:4:29

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