One thing that struck me was that many of the farmers I spoke to stated they ‘d never met a lawyer who might describe why they need to do estate planning and senior law planning. In this post I desire to fix that problem and discuss plainly why estate planning is necessary for farmers.
A related question farmers frequently ask me is: “What is succession planning as it relates to family farms and why do I need to do it?” In quick, family farm succession planning clarifies who is to gain control of your farm when you retire, become unable to run it, or pass away and safeguards it versus taxes, financial obligations, claims, nursing home expenses, and family disputes.
10 Factors for Household Farm Estate Planning in Ohio
Below are 10 excellent factors for household farm succession planning, elder law planning, and family farm estate planning in Ohio. If you have not prepared properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate fees and legal costs.