And they all lived happily ever after . . .
Farmer is 3rd generation and out of our four sons there is one that wants to continue. And as we creep closer to heaven this farm succession monster had to be faced.
Let me tell you – it ain’t for the faint of heart.
We started this whole process about three years ago. And, having a procrastinating husband didn’t help the matter but nevertheless it is a long drawn out deal.
Like I stated one of the four boys want to continue the farm. All four have worked on the farm for various lengths so while the bulk needs to go to the one continuing there are three others that we want to bless. Add to that the daughters-in-law, and grandkids.
So, we started our trusts – we each needed one. Then we had to transfer everything over to the trust (you are getting the watered down, not 100% technically correct story). That alone was so much fun. The time to get deeds, find titles and etc. Perhaps you have a better filing system than Farmer and it won’t be so difficult – piles are hard to sift through!
Anyway, there was that.
Then it came time to decide how to divide and when and . . .
We began the dance with the attorney and the accountants.
We would decide on an issue and the accountant would tell us how that wouldn’t work due to taxes, let’s do it this way. We then would go to the attorney and he would say “Sounds good but here is a legal issue, you may want to consider another way”. And back to the accountant we would go. Swing your partner and dosey doe.
And just to make the dance more fun we added a consultant to help with the process. And God bless that man – he earned extra jewels in his crown when he gets to heaven.
So finally, we have the trusts drawn up and signed. The how, what and when is decided. And we have the ability to adjust if things change – for instance we have a grandson that is leaning towards farming so we have the ability to adjust to benefit his place in the business.
I would encourage you to get this done if you are feeling like you need to. It isn’t fun or easy but necessary.
You too can join the ranks of Succession Survivalists. We made it with a few flesh wounds but they will heal completely.
I can now travel the roads and not worry about the mess left behind if I take off for heaven unexpectedly.