Succession planning

As a parent, I am very much aware of the dilemma one faces when assigning one’s assets to children. But it is like anything else, you cannot hide your head in the sand… the inevitable happens, and then bitter wars between your kids, probate court and so on. Nowhere is this more important than in agriculture where huge parcels of land must ultimately be split between successors.

Polly Dobbs is an attorney who spoke about succession planning at an ag convention. She wants all people involved in the agriculture industry to be aware of succession planning.

Dobbs said farmers and ranchers need to be aware of tax laws at all levels and says says the key to an effective succession plan is communication.