Farmers

Our farming clients want solutions for:

We’re usually approached by senior or second-generation farming professionals who are looking for advice on a question[s] somehow related to planning for succession. Those farming professionals want to continue a legacy of multigenerational success. They’re often confused about the planning process and overwhelmed by the many issues that need to be addressed in planning for succession.

As family leaders, they know long-term success is difficult and rare.

They sense the answers may involve tax, legal and/or financial solutions. But most farmers don’t know who can help or where to begin. They may start the conversation with a question about how they can treat their off-farm, inactive children in a fair manner compared to those who are active and involved in the operation.

This leads to additional questions about keeping land in the family, protecting assets in case of divorce, and do you recommend life insurance to pay the estate tax. At Legacy by Design, we’re always looking for the question behind the question. In other words, what’s really on your mind?

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Our farming clients want solutions for:

Converting business equity to an asset[s] that can be used to support the owner in retirement.
Transferring ownership in the business to a well-prepared next generation.
Treating the owner’s children equitably and apportioning assets among those active in the business and those who are not.
Utilizing estate planning techniques to transfer business interests, minimize estate taxes, and support for a surviving spouse.
Establishing a management structure that allows active owners to make the decisions necessary to succeed after the transition.

Since 2005, Legacy by Design’s four-part planning model has been helping farm families across the U.S. plan for multigenerational success. Legacy’s comprehensive planning approach includes:

1. Financial Security

Providing financial security begins with a solid financial plan, which includes managing risks, eliminating personal debt, and establishing an investment portfolio. The entire process is designed to gain peace of mind and maintain the lifestyle an owner desires.

2. Ownership Transition

An effective ownership transition will protect assets, mitigate taxes, and minimize risk. This step is designed to efficiently manage the ownership transition to address the needs of the owner, wants of the family, and the demands of the operation.