Farmers, more than most people, need to have carefully thought out succession and estate plans.
Most farm operations in the U.S. are still classified as family-operated businesses. When some people think of “family farms”, they think of small operations that can easily be handled by one or two people.
However, people who live in rural areas, especially farmers themselves, know that family farms are much bigger today than they are in the popular imagination.
Family farms can be gigantic operations with many employees. Farmers have to know how to navigate often complex government regulations, lending practices and supplier requirements, all while keeping an eye on volatile commodity prices.
That means farmers need to plan their estates carefully, if they want the farm to keep operating after they pass away.
This topic was recent taken up by the Wills, Trusts & Estates Prof Blog in “I’d Bet the Farm on It!”
The most important thing for farmers to do is often the most difficult. That is figuring out who is going to inherit the farm and continue running it.
Not every family member will have the knowledge or desire to run a farm. Sometimes, it might even be necessary to make arrangements for someone else to operate the farm, after the owner passes away.
Once it is determined who will run the farm, figuring out how others in the family will receive a fair inheritance is necessary to avoid any family fights.
As the bulk of most farmers’ assets are tied up in their farms, this is where estate planning needs to come into play.
An estate planning attorney can devise methods to ensure that everyone in the immediate family receives a fair inheritance, while still leaving the farm operations to the one person who is capable of actually running the farm.
Reference: Wills, Trusts & Estates Prof Blog (May 19, 2017) “I’d Bet the Farm on It!”
“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”
Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.
The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!
I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.
Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.