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Do You Have a Farm Estate Plan?

Working on the idea of dying is not something people "love" to do, but planning now helps alleviate the loss later.
Who gets what and when?

There are many options when it comes to planning a transition of a farm businesses from one generation to another. Not all the options are obvious and some items, if not thought through, can complicate matters for all involved.

Connie and Brent Haden, attorneys with Haden & Byrne, outline many of the tools to help families transition farms and businesses. These tools include: revocable trusts, will, power of attorney, health care directive, irrevocable trust, business entity, lifetime gifts, and insurance.

The Haden's 2013 Missouri Pork Expo presentation outlines the details of each tool [video] [slides].

The diligent farmer plants trees, of which he himself will never see the fruit. - Cicero

Key reasons to plan now? Your state has a default plan (and you may not like it), minor children (who takes care of them?), second marriage (is there a first spouse?), heirs involved in farming operation (are you treating them as they expect?), and you own a farm!

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