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.
Since 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 advise you on planning for secession as well as fair inheritance decisions for a business operation, including farm land.
