One of the most critical items a family farm operation needs in order to ensure its continuation is an estate succession plan. Connie Haden with the Law Offices of Haden and Colbert says with a topic as complex and difficult, the first step to developing a plan is having the conversation about it.
Haden says families should also include accountants, bankers, and other financial advisers who have worked with them in the past. She notes that working with planners who specialize in farming can help ensure a solid succession plan.
Connie Haden of Haden and Colbert adds that estate plans should be reviewed every three to four years to make sure that a farmer’s plan to pass the operation onto the next generation is still current.