Tools for business succession planning

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It is important that all people, regardless of ages or net worth, have a basic estate plan in place, and the plan is up-to-date, according to the University of Illinois. The time for this planning is now.

Few people relish estate planning. Deciding how to distribute assets after death is an unnerving reminder of one’s own mortality. However, estate planning can help ensure a smooth transition between owners.

The process of developing a plan to transition your farm business to the next generation need not be a daunting task. The key is to plan ahead.

Here are some interactive resources and workbooks to help you make generational transitions a success:

The National Agricultural Law Center 

Beginning Farmer Center

Planning Today for Tomorrow’s Farms; Tennessee Farmland Legacy

Iowa State University Center for Agricultural Law and Taxation

Ag Transitions; Center for Farm Financial Management

Planning the Future of Your Farm: A Workbook Supporting Farm Transfer Decisions, Virginia Cooperative Extension



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