FARM & RANCH PLANNING
“It is not enough to be busy… The question is: what are we busy about?”
-Henry David Thoreau
Myka’s life experience as a land owner and over 25 years of legal practice with farm and ranch estates provides exceptional insight in designing a farm or ranch estate plan that address the unique needs of succession to future generations.
Most farmers and ranchers have worked extremely hard and made many sacrifices to build a life they love. Some of these families are on land that has been held for generations. These farm and ranch estates have substantial value and heritage to pass on but structuring the best way pass on the legacy can be difficult. Reviewing and assessing what value is being tied up in land, livestock, equipment, and the family’s personal unique situation must be considered in designing the plan. The farm or ranch net worth statement can look impressive on paper, but when it comes to cash flow it is an entirely different story.
Questions that may arise are:
How do the farmers and ranchers plan for long-term care, if necessary?
How will the expenses of the estate, including estate taxes, if applicable, be paid?
Lack of a comprehensive farm/ranch estate plan may leave limited options and most farms or ranches must be sold just to pay the taxes and expenses. Having to pay expenses quickly, your land and equipment is sold for far less than the full value of the estate, and there is no way to pass on the family land and lifestyle.
In addition to expenses, there often is an issue of competing interests. Fewer and fewer children want to continue the farm and ranch way of life and often there is one child in the family who would like to continue but the other children would like to sell. Because the land may have more value if sold for a purpose other than agriculture, the children who do not want to continue the lifestyle legacy but may want the land sold so they can get the maximum value out of the estate.
Having our firm design a comprehensive farm or ranch estate plan can address these issues and many others so that you can know exactly how your heritage and legacy will pass to future generations.