Home Indiana Agriculture News Holidays a Good Time to Discuss Succession Planning

Holidays a Good Time to Discuss Succession Planning

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Politics, giving unsolicited parenting advice, your sister’s children (or the lack thereof), how much weight Uncle Bob and Aunt Sally have put on, or how you’d change the recipe…These are all topics that you should probably avoid at the dinner table this Christmas! Some would add financial matters to that list, but for farm families, it might be a great time to discuss the future of the family farm.

AARP Oklahoma State Director Sean Voskuhl says it’s best to not put off starting your estate plan.

“The last thing farmers want is their family fighting for their assets they leave behind. It’s critical you have a plan in place and knowing how the farm will be successful in the future will give you peace of mind. Having a plan in place will ease any unsuspected burdens on your family and make the transition to the next generation easier.”

Voskuhl says the holidays are a good time to at least get the conversation started if you haven’t already.

“While it may not be an easy topic to bring up, you can get the conversation started to lay the groundwork for developing a plan. While your family is together, you can discuss your goals for the farm, and theirs. And after the holidays, you can start developing those plans for the future.”

Tax season is already right around the corner too. While you don’t necessarily need to invite your tax advisor to Christmas dinner, Voskuhl says a conversation with them in the near future to assess your tax situation would be a good idea.

“Talking now with your tax advisor can help save you headaches when it comes time to file your taxes. A tax advisor can help determine what steps you may need to take now or early next year. By planning early for your taxes, you’ll know what to expect come tax time. And remember, the IRS takes deadlines and penalties seriously. Don’t procrastinate when it comes them.”

Source: NAFB News Service