Family farms and estate planning in Ohio was a quite hot subject at an event that I spoke at. About 125 farmers from across the state revealed up to hear me and the other speakers. Something that struck me was that the majority of the farmers I spoke with stated they ‘d never fulfilled a lawyer who could discuss why they must do estate planning and senior law planning. In this post I want to solve that issue and discuss clearly why estate planning is essential for farmers.
A related concern farmers typically ask me is: “What is succession planning as it connects to household farms and why do I require 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 die and safeguards it against taxes, financial obligations, lawsuits, nursing home costs, and family disputes.
10 Factors for Family Farm Estate Planning in Ohio
Below are 10 good factors for family farm succession planning, senior law planning, and household 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.