What started as a challenge to take over ownership and management of her family farm became a precursor to what estate planning attorney Polly Dobbs would do for family farms and family businesses across Indiana.
In an interview on the Consumer AG Connection radio show (click on the link and scroll down to Passing on the Farm Part 2), Polly, an estate planning attorney at Dobbs Legal Group, LLC, says she “ran away as fast as she could” from the historic Angus farm on which she grew up in Peru, Ind. She went off to college, became an attorney and practiced law in Indianapolis.
When her father who ran the farm experienced a minor stroke, it dawned on Polly that he was the only person who knew how to manage the operation.
This, plus an invitation from her dad to return to the farm, was the impetus Polly needed to put a farm succession plan in place. The youngest of five children, Polly was the only one who agreed to move back to the farm.
For eight years, Polly’s husband, Steve, commuted from Indianapolis to the farm, learning the ins and outs of farming and ultimately taking over management of the operation.
Polly created the succession agreement after frank, open communications with her parents and siblings. When her father became ill and experienced a long recovery period, Polly was relieved that the farm succession plan was already in place.
The time to execute a succession agreement is “when everyone is breathing, and when everyone still has their marbles,” she says.
Creating a wealth transfer plan for her family farm gave Polly the idea that she should be doing this for all the land owners in Indiana.
For assistance with estate planning of a business or farm, consult estate planning attorney Polly Dobbs at Dobbs Legal Group, LLC.
Source: Consumer AG Connection radio show