One thing that struck me was that most of the farmers I spoke to stated they ‘d never ever met an attorney who could discuss why they need to do estate planning and senior law planning. In this post I want to solve that concern and discuss plainly why estate planning is required for farmers.
An associated question farmers frequently ask me is: “What is succession planning as it connects to family farms and why do I need to do it?” In short, family farm succession planning clarifies who is to gain control of your farm when you retire, become not able to run it, or pass away and secures it against taxes, financial obligations, suits, nursing home costs, and household disputes.
10 Reasons for Family Farm Estate Planning in Ohio
Below are 10 good reasons for household farm succession planning, elder law planning, and family farm estate planning in Ohio. If you have actually not planned properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate costs and legal fees.