Farm Financial Planner

 Former farmer and present rancher David Wells has been a BSU professor for 13 years with an expertise in agricultural finance. Amongst other things, he consults in estate planning for farmers and ranchers.

 He warns that farmers and ranch owners have to be very careful as they plan for the future of their lands and businesses: “The margins are thinner, the decisions are tougher and it doesn’t take a whole lot to not have a farm if any little misstep happens along the way.”

 Wells says that some of the unique laws demand careful planning. “There are lots of ways with the delicacy of the law to phrase things. Whether your house is on the property, or attached or touches, or whether it’s disjointed or in town…all those are important parts on the way you set up the estate.”

 Other tips: “A will is not sufficient. You need a power of attorney…you need to be thinking about giving the ranch away while you can because if you wait too late, you cannot give it away. There’s a great difference between incorporating, partnerships, trusts and irrevocable trusts.  ”

 David Wells can be reached for free by all Idaho farmers: “This is at BSU…208-562-2019.