Family farms and estate planning in Ohio was a pretty hot subject at an occasion 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 many of the farmers I spoke to stated they ‘d never ever fulfilled a lawyer who could explain why they should do estate planning and senior law planning. In this post I wish to fix that issue and explain clearly why estate planning is needed for farmers.
An associated concern farmers frequently ask me is: “What is succession planning as it relates to family farms and why do I need to do it?” In short, household farm succession planning clarifies who is to get control of your farm when you retire, end up being not able to run it, or pass away and protects it against taxes, debts, suits, nursing home costs, and household disputes.
10 Factors for Family Farm Estate Planning in Ohio
Below are 10 good factors for household farm succession planning, elder law planning, and household 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 fees and legal costs.