Houston Estate Planning and Elder Law Attorney Blog
Regardless of the ultimate outcome – passing the farm to the next generation or selling it – creating a plan for the future requires a lot of groundwork and the help of an estate planning attorney with experience in family farm matters, according to The High Plains/Midwest Ag Journal's article, "Planning for the future of your farm operation."
A business plan can be an important tool in estate and succession planning. This is a roadmap for the farm business, and it gives your business direction, helps you make decisions, and can assist in the future.
Make sure that you have the terminology correct. "Estate planning" deals with the disposition of your assets during your lifetime or after your death, while a succession plan is the transitioning of your farm to the next generation or others to ensure the continuation of the business.