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
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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How to Setup a Budget That You Can Stick To
One of the most common frustrations we hear at Dunncreek Advisors has to do with sticking to a budget. While budgeting isn’t always fun, it’s a critically important way to live within your means, and to prepare yourself properly for retirement. If you’re looking to setup a realistic budget for you or your family, follow the following steps.Read Full Article
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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Is An Operating Agreement Appropriate for Your Farm?
Once a business owner, specifically an owner of a farming business, decides to team up with Dunncreek Advisors and create a legacy transition plan, it’s important that they determine if added legal protections, like an operating agreement, is appropriate for them. At Dunncreek Advisors, we want to help you make the best decisions for your legacy, and so, we provide you with all of the knowledge and useful tools so that you can determine what works best.Read Full Article
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