Keeping a business in the family is a priority for many owners as they consider the future of their operation. That’s especially the case when that business is a farm. However, Connie Haden of the Law Offices of Haden and Colbert notes a significant difference when it comes to farm operations: the percentage of their value tied up in tangible assets.
Haden says a solid succession plan needs to involve careful consideration and not just the bare minimum.
Connie Haden of Haden and Colbert advises that when devising an estate plan, farmers should consult legal and financial experts who are knowledgeable about farming operations.