Household farms and estate planning in Ohio was a pretty hot topic at an event that I spoke at. About 125 farmers from throughout the state appeared to hear me and the other speakers. Something that struck me was that most of the farmers I talked to stated they ‘d never ever satisfied an attorney who might describe why they need to do estate planning and older law planning. In this post I wish to resolve that issue and discuss clearly why estate planning is needed for farmers.
An associated question farmers typically ask me is: “What is succession planning as it connects 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 protects it against taxes, debts, claims, nursing house costs, and family disputes.
10 Reasons for Household Farm Estate Planning in Ohio
Below are 10 good reasons for family farm succession planning, older law planning, and family farm estate planning in Ohio. If you have not planned appropriately for the future of your farm and estate:
– Your estate will go to probate and cost more in probate charges and legal charges.