Farm Succession Planning

Farmers and their families have unique estate, tax and business planning needs and concerns. Mr. Collins has years of experience advising farmers and their families on those concerns. In most typical cases, Mr. Collins advises farmers and their interested family members as to the planning options available to own, manage and then later transition ownership of the family farm to members of the next generation in a tax-advantaged way. Such planning frequently involves the use of family-held business entities (such as a family limited partnership or limited liability company) and trusts, and it usually includes estate planning concepts and documents that specifically address transfer and continuing ownership of the farm operation after death. Frequently, such planning also includes advice and recommendations on concerns relating to saving the family farm from the possible expense of long-term care in a nursing home. In many cases, Mr. Collins will also assist the farm client(s), as part of such planning, in determining how to treat the non-farming children fairly, especially after the client's death. If you are a long-time farmer wondering how to arrange (or how to better arrange) your farming operation and estate plan in a way that will successfully transfer ownership to members of the next generation on a tax-advantaged basis, call Mr. Collins today to schedule your initial consultation.