Farmland Succession Planning
Many families consider their farmland to be more than an investment. It is part of their family heritage.
Each year, Stalcup personnel helps families design a successful transition from one generation to the next in conjunction with their attorneys and CPAs.
There are important issues and questions families should address as they consider the future ownership of their land. Some of these issues and questions are delicate. The conversations are handled in the same confidence as a client talking to an attorney about their will. Some of the things that should be discussed include:
- Who should be involved in the discussion? Should it be only direct family members? Should spouses be included?
- Who is interested in owning the land long-term? Who would be satisfied receiving other assets from the estate?
- What form of ownership should be considered? Marital trusts, LLCs, and outright undivided interests are common.
- Should long-term care insurance be used?
- Provisions for one time large expenditures such as college educations or nursing home care should be discussed.
- Responsibilities of the older generation as well as the next generation should be identified.
Experience gained from other clients and farm operators help Stalcup personnel develop a plan to meet your needs that is fully discussed and reviewed on a regular basis. Our knowledge and experience give you the flexibility to ensure a smooth and seamless transition to the next generation.