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Family Farm Succession Planning Needs Time and Goals

Family Farm Succession Planning Needs Time and Goals image

“The succession-planning process is complex and lengthy. To keep your eye on the ball and meet your goals, your family must meet regularly to foster good communication and trust.”

The future for a farm family depends on family meetings that involve all stakeholders. The likelihood of success is bolstered by meeting in a neutral location, holding short meetings on a regular basis and setting clear goals, according to AgWeb.com’s article “Family Meeting Fundamentals.”

Families who want to hold one meeting a year that covers every single aspect of the succession plan, end up with a room full of...

Funding Assets is Often the Missed Step in Estate Planning

Funding Assets is Often the Missed Step in Estate Planning image

“Many times, people spend a great deal of time, energy and money creating an estate plan. However, the plan does not work, because their assets are not funded properly.”

Funding assets is a critical step in the estate planning process that is very frequently forgotten, as reported in The Farmer’s article “Funding assets to your estate plan.”

Funding is the process of titling assets, so that the estate plan and the assets are aligned. Each estate plan is different. However, the funding process includes tasks such as changing ownership on accounts, establishing beneficiary designations and transfer on death...

What Should I Do with My Stuff?

What Should I Do with My Stuff? image

“As baby boomers age, many are planning to downsize into smaller homes. However, preparing to live in a smaller space brings up a challenge: how do you get rid of all the stuff you’ve accumulated through the years.”

Maybe you always thought one of your daughters would want the silverware that you were so proud to inherit from your own mother. However, today’s millennials are not very interested in their parent’s stuff, even when it has market value. According to The Wall Street Journal’s recent article “Baby Boomers Are Downsizing and There’s A Problem: What To Do With...

Teacher Leaves Gift for Students

Teacher Leaves Gift for Students image

A New Jersey teacher left a surprisingly large gift for students in her Will with the intent of helping to pay for college.

Genevieve Via Cava taught for years as a special education teacher in Bergen County, New Jersey. She was not a particularly well-known person outside of those she taught. However, she was apparently a very frugal person and was able to amass a small fortune by saving as much money as she could and foregoing treats for herself. A longtime friend said that Via Cava even refused to get needed hearing aids because of the expense.

Via Cava...

Reasons for Estate Planning

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There are many reasons that people get estate plans. However, those reasons fall into a few general categories.

People who do not have estate plans, often wonder why they should get one. People want to know what they and their family can get out of an estate plan. In large part, this depends on individual circumstances.

What assets a person has, how valuable those assets are and who they should go to after the person passes away, all make a big difference in answering why a person needs an estate plan. There is not a general answer that is truly...