Part of an effective legacy plan usually includes at least one off-farm job. The supplemental income and benefits are often key to a successful transition from one generation to the next. Good News! The USDA says that there are more entry level agriculture jobs than graduates.
As we map out a transition plan to move the farm business from one generation to the other, two things are common. One is that the junior generation goes to college to develop skills to help improve the business. Two is that as the transition unfolds, the junior generation typically needs supplemental off-farm income to finance the transition process. The good news is that there is plenty of work for a college graduate with a degree in Agriculture.Read Full Article
Farm Legacy Planning
Make Your Farm Great Again – Keep the Kids in the Business
With the election of Donald Trump as U.S. President there has been a lot of talk about his family and their role in the family business. For many farm business owners this is common. Is it always good for the business?
We have seen a lot of the Trump family in recent months. The new President has said he will turn over all his businesses to his adult children. Is your operation ready for a similar change of leadership? Would it be a good idea?Read Full Article
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Is Your Farm Family Equipped for the Future?
Estate planning is one part of a farm families finances that often gets overlooked. In fact, research has shown that approximately 60% of American farmers do not have an estate plan in place. Not taking the proper steps in planning for your farm could become financially devastating for your surviving family down the road. At Dunncreek Advisors, we’re here to help you with your estate plan documents to ensure that you at least have the basics in place should something unforeseen happen to you down the road.Read Full Article
Implementation of the Game Plan Is as Important as the Legacy Plan
If you are a farm owner who would love to see your farm passed down for generations to come, it is important that you pay attention! Simply coasting through your last decades of life, not updating your farm transition legacy plan may cause you to miss some key items. Has the game plan that you would like to implement with your family farm been truly fulfilled? If you would like to leave the family farm to your children, a regular review of your farm transition legacy plan is a necessity. Our team at Dunncreek Advisors is here to help ensure that everything is in place!
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Big Picture Strategy for Farm Transition Plan
As you consider the farm business legacy and transition plan, it can seem rather daunting. There are a lot of details involved. Sometimes it helps to step back and understand the big picture.
Regardless of the particulars of your specific farm business, a basic strategy can usually help you wrap your head around the work that needs to happen regarding the transition plan. Read Full Article
Thinking About a Farm Transition? Start with Questions.
When you ask good questions, sometimes you understand the issues better. Am I ready for a farm business transition? When is the best time to start? How do I know when I’m ready to start?
There is a lot to think about as you consider a farm business transition. At the heart of the process is your goals and dreams for the business, your family and yourself. There are lots of great questions you need to answer to be ready for success. Here are a few:Read Full Article
Thinking About a Farm Transition? Start with Questions.Read More
