This column discusses some of the important estate planning issues that family farm owners need to consider. A majority of family farms are owned by people over the age of 55, and 80% of them do not have an estate plan in place. It is important for clients to start putting together an estate plan as soon as possible. Family farm owners should be careful about hiring the right employees for working on the farm. People should avoid procrastinating on making an estate plan for their farm. Farm owners should also make sure that there is an adequate business plan in place that will provide the farm with sufficient income to cover expenses. Finally, it is important that the estate plan be in writing.
See Kyle E. Krull, Estate Planning For A Family Farm? Where Do I Start?, Wealth Management, September 30, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
