Farm and ranch succession planning is an important part of overall financial planning. However, it is something many producers procrastinate about. Drafting a will and a healthcare power of attorney, creating a trust and maximizing your loved ones’ inheritance by minimizing taxes are important matters you do not want to leave to chance.
Before you schedule a meeting with a lawyer, it will save you time if you put together a detailed personal record and balance sheet to provide an accurate snapshot of your business.
Read this Center for Ag Profitability article for insights on what you should include in this report.
