The time and legal fees saved today by ignoring estate planning will ultimately be costly in exponentially increased legal fees incurred by heirs. Feuds, destroyed relationships, and the loss of the farm through divorce or a forced sale can also occur. Read about how estate planning today can help to avoid these consequences.
This year’s Top Producer Summit will be held at the Chicago Hilton beginning on January 28, 2019 and continuing through January 30, 2019. As part of the conference, the Farm Journal Legacy Project – Drive 2020: All Systems Go – will be held on January 28, 2019, and will feature a day-long series of presentations on Succession Planning, including building a succession plan, tax strategies, answers to challenging questions, employment and ownership policies, prenups, postnups, buy-sell agreements, and setting the stage for transition.
At one time, a top concern for many farm owners was how to prevent losing the family farm to pay estate taxes upon the death of the owner. Today, with the higher than ever federal estate tax exemption, losing the farm as a result of estate taxes is usually not the biggest concern for keeping the farm in the family. Instead, divorce, potential lawsuits, and other events pose a much bigger risk. Learn about estate planning techniques that can be used to protect family farms.
Dobbs Legal Group founder Polly Dobbs was interviewed by The Angus Report regarding the key considerations in succession planning for ranchers. Learn about these matters.
At the 2018 Top Producer Seminar, Polly will discuss practical business succession planning concepts and how they can be incorporated into a comprehensive plan that addresses the unique issues facing farm families.