Assess where your farm is at with the Taking Stock Workbook

 

The Toughest Decision - Transitioning the Farm.

Step 1 - Gather your data and assemble a team of advisors.

Be prepared to hire some expertise. A few thousand dollars spent on the right expertise can save tens of thousands of dollars in taxes or mistakes.
You have successor, ready, willing & able.

Succession is necessary for the farm business to continue to operate into the future. What is your succession plan?
Looking after your family

Some guys just won’t quit. A good Estate Plan outlines your wishes regarding your personal assets when you pass on.
Is your business structured to match your plan?

Changes in Business Structure take time to implement, it’s best to plan ahead!

 

Do I need Succession or Estate Planning?

While Succession and Estate Planning are very similar there is a subtle difference.

Succession Planning involves the orderly transfer of the business and business assets to a successor who has (hopefully) been groomed for that purpose (family or unrelated).

Estate Planning involves the orderly (and hopefully tax-efficient) transfer of personal wealth and assets to your heirs.

Given the family-owned nature of most farming businesses it is easy to see how intertwined these two processes can be. Business structure can also play a significant role in how either (or both) of these processes can take place.

While the planning tools are relatively straightforward, the tough part is often the communication and goal setting which have to take place first. As well as legal and financial advice from their management team, many farm families benefit from the use of a facilitator to help them through the communication and personal/family goal setting process that is essential in both succession and estate plans.

The City of Kamloops is partnering with Community Futures Thompson...

Over the next while we will be doing some spring cleaning on...

Agricultural producers are invited to attend a...

These workshops are intended to help farm owners & their managers...

I’m getting on the road to where I’m going to be leaving the farm. How many more years can I stay with it? The numbers are against me! At eighty five, how many more years can you stay active?
Norm Chapman
Dairy producer, Rosedale, BC