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An estate plan is not a succession plan
An attorney specializing in farm succession planning says the families that are the most successful transitioning ownership are business-minded.
South Dakota-based Clint Fischer tells Brownfield farm size doesn’t always dictate a farm’s future.
“Is this a true business? Do we have entities? Do we have agreements in place? Do we have documents that are standard operating procedures for people to follow or is it really a glorified hobby?”
He says intentionally shifting management and oversite of a farm needs to be carried out long before assets are divested following a funeral.
“I think it is an area that is easily procrastinated,” he says. “It’s an area that brings up sometimes difficult conversations with family members, and so it is an easy one to avoid, but it’s so crucial.”
Fischer says legal safeguards can be put in place years in advance to allow for more equitable distribution among family members.
AUDIO: Clint Fischer
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