Need for Legacy Planning
Need for Legacy Planning
July 22nd, 2022
New West Short
Overlooked Opportunity - Agribusiness
Agribusiness owners' need for legacy planning services provides you with an opportunity to fill an important role in the farming and ranching communities
  • There are over 2 million family farms across the U.S.¹
  • About 96% of U.S. farms are operated by families.¹
  • Only 29% of family farms have transition plans in place.²
  • Our nation's farmers are aging, averaging 57.5 years old.  

What are the five keys to successful transition planning? 
  1. Succession Planning - creating the path to successfully pass the business to the next generation.
  2. Business Planning - reviewing the business structure to best protect the financial health of the operation.
  3. Risk Management - identifying and preparing for risks to the farm operation.
  4. Financial Independence - creating financial independence from the farm so that the next generation can start receiving income from the operation while the senior operator keeps serving as a mentor.
  5. Estate Planning - getting the documents in place to create an orderly distribution of assets upon death and to settle any liabilities due at that time in a manner consistent with the wishes of the deceased.

Meet the Martins - case study.  

¹"2017 Census of Agriculture," U.S. Department of Agriculture (April 2019).
²"U.S. Farm Succession Plans and the Process of Transferring Land Ownership," J. Michael Harris and Ashok K. Mishra, Agricultural & Applied Economics Association Annual Meeting (2016).
Land As Your Legacy and Your Ag Financial Legacy are trademarks of Nationwide Mutual Insurance Company.

Contact me for more information on agribusiness legacy planning. 

Melissa Church
Director of Marketing
208-622-5211 x 2
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