Dear Michael: We have had our son farming with us for many, many years. We need to ensure he can take over the farm when we retire or pass away. He already does most of the work and makes most of the decisions now.
kAmk6>m~FC AC@3=6> :D 96 2?5 9:D H:76 92G6 925 2 EF>F=EF@FD C6=2E:@?D9:A] $6G6C2= E:>6D D96 =67E 2?5 E96? >@?E9D =2E6C C6EFC?65 E@ 8:G6 :E 2?@E96C 8@] (6 <?@H @FC D@? :D ?@E E96 62D:6DE A6CD@? E@ =:G6 H:E9 2?5 F?56CDE2?5 H9J D96 :D 92G:?8 2 92C5 E:>6]k^6>mk^Am
kAmk6>mqFE H6 DE:== H2?E E@ >2<6 DFC6 E92E @FC D@? C646:G6D @FC 72C> 3FD:?6DD[ E96 =2?5[ >249:?6CJ[ 6E4][ 2?5 E92E :E 5@6D ?@E 6?5 FA :? 5:G@C46 4@FCE D@>652J]k^6>mk^Am
kAmk6>m(6 E2=<65 E@ D@>6 2EE@C?6JD[ 2?5 E96J D2:5 H6 D9@F=5 AFE E96 H9@=6 E9:?8 :? ECFDE] (6 DA@<6 H:E9 7C:6?5D H9@ D6E FA E9:D ECFDE[ 2?5 E96J C68C6EE65 :E] %96J 5:5 ?@E =:<6 2== E96 4@?DEC2:?ED @7 562=:?8 H:E9 ECFDE] (92E D9@F=5 H6 36 E9:?<:?8 23@FE 5@:?8n – }@E v6EE:?8 p?J *@F?86C]k^6>mk^Am
kAms62C }@E v6EE:?8 p?J *@F?86Ci x’G6 2=D@ C624965 E96 DE286 :? =:76 H96C6[ FA@? H2<:?8 6249 >@C?:?8[ x C6>:?5 >JD6=7[ “%@52J >2J 36 E96 36DE 52J J@F’== 92G6 7C@> ?@H @?[ 3642FD6 J@F 2C6?’E 86EE:?8 36EE6C 6G6CJ 52J – ;FDE @=56C]”k^Am
kAmx? 2?J 42D6[ =6E FD E2=< 23@FE 5:776C6?E ECFDED] (92E J@F 2C6 C676CC:?8 E@ :D 2 =:G:?8 :CC6G@423=6 ECFDE] q642FD6 :E :D :CC6G@423=6[ J@F 42??@E 492?86 2?JE9:?8 @?46 J@F 92G6 A=2465 E96 2DD6ED :?E@ E9:D EJA6 @7 ECFDE] %9:D :D H9J >@DE A6@A=6 5@ ?@E =:<6 E96>] pD D>2CE 2D J@F E9:?< J@F 2C6[ E96 7FEFC6 H:== 2=H2JD 36 5:776C6?E ?@ >2EE6C 9@H H6== J@F E9:?< J@F 92G6 E9@F89E 29625] x? E96 H@C5D @7 E96 8C62E |:<6 %JD@?[ “tG6CJ3@5J 92D 2 A=2? F?E:= E96J 86E :? E96 C:?8 2?5 86E AF?4965 :? E96 >@FE9]”k^Am
kAmq642FD6 @7 E9:D :?7=6I:3:=:EJ[ >@DE A6@A=6 J62CD =2E6C 5:D4@G6C E96C6 2C6 E9:?8D E96J H@F=5 =:<6 E@ 492?86 2D =:76 92D 6G@=G65 2?5 42??@E] %9:D 42? 36 G6CJ 7CFDEC2E:?8 H:E9 2? :CC6G@423=6 ECFDE – 92G:?8 E@ =:G6 E9C@F89 E96 46CE2:?EJ E92E J@F H@F=5 92G6 5@?6 E9:?8D 5:776C6?E=J 925 J@F <?@H?]k^Am
kAm%96C6 2C6 =:G:?8 C6G@423=6 ECFDED[ 2D H6==] %96 =:G:?8 C6G@423=6 ECFDE :D 2?@E96C >6E9@5 @7 @H?6CD9:A[ >F49 =:<6 ;@:?E E6?2?4J @C E6?2?ED :? 4@>>@?] &DF2==J[ 8C2?E@CD 24E 2D ECFDE66D 2?5 4@?E:?F6 >2?28:?8 E96:C 2DD6ED :? E96 ECFDE 7@C E96:C @H? 36?67:E] %96 25565 36?67:E :D – :7 E9:?8D 8@ D>@@E9=J FA@? 562E9 – J@F 42? 2G@:5 D@>6 AC@32E6 4@DED] }@E 2==[ 3FE D@>6]k^Am
kAm*@F 2C6 E2=<:?8 23@FE 7:?5:?8 2 A=246 H96C6 J@FC D@? 42? 4@?E:?F6 E@ 72C>[ FD:?8 E96 2DD6ED J@F ?@H @H?[ 2?5 4@?E:?F6 E96 72>:=J 72C> 3FD:?6DD] qFE J@F 5@ ?@E H2?E E@ =62G6 2?J 2446DD E@ E96D6 2DD6ED E@ J@FC 52F89E6C\:?\=2H D9@F=5 E9:?8D 8@ D@FE9 :? E96:C >2CC:286]k^Am
kAm%9:D :D EJA:42==J 2? :CC6G@423=6 ECFDE[ 3FE :? J@FC 42D6[ J@F >:89E =:<6 2? :CC6G@423=6 “E6DE2>6?E2CJ” ECFDE] %92E H@C5[ E6DE2>6?E2CJ[ E6==D J@F E92E E9:D ECFDE :D 4C62E65 3J J@FC H:==] xE 4C62E6D 2 56A@D:E@CJ 7@C 2== J@FC 2DD6ED FA@? J@FC 562E9WDX 2?5 H:== 9@=5 E96> F?E:= E96 4@?5:E:@?D J@F H2?E >6E 2C6 >6E] *@F 42? 2=D@ 92G6 2 =:G:?8 ECFDE E92E EFC?D :?E@ 2? :CC6G@423=6 ECFDE FA@? 562E9]k^Am
kAmu@C 6I2>A=6[ J@F >:89E DA64:7J E92E J@FC D@? 42??@E @H? J@FC 72C>=2?5 F?E:= 96 EFC?D c_] %96 ECFDE66 H@F=5 9@=5 E96 =2?5 F?E:= J@FC D@?’D c_E9 3:CE952J 2?5 EC2?D76C E9:D =2?5 7C@> E96 ECFDE E@ J@FC D@?] %92EVD 2 D:>A=6 6I2>A=6]k^Am
kAm(92E :7 J@FC D@? A2DD6D 2H2J 367@C6 EFC?:?8 c_n xE >2J 36 56D:C23=6 E@ 92G6 E96 =2?5 C62AA@CE:@?65 6BF:E23=J 2>@?8DE 2== J@FC 49:=5C6?] !6C92AD J@F H2?E :E E@ 8@ E@ 8C2?549:=5C6? H:E9 2? :?4@>6 C:89E E@ J@FC 52F89E6C\:?\=2H] (92E6G6C J@F E9:?< :D C:89E]k^Am
kAm%96 ?:46 E9:?8 :D[ H:E9 2? :CC6G@423=6 E6DE2>6?E2CJ ECFDE J@F 42? 492?86 E9:D 6G6CJ E:>6 D@>6E9:?8 ?6H 4@>6D FA :? J@FC =:76 J@F 5:5 ?@E D66 4@>:?8 – 2== E96 H2J FA E@ E96 52J J@F 5:6]k^Am
kAm~?6 H@C5 @7 42FE:@? E@ 2== ECFDED – E9:?< EH:46 23@FE ?2>:?8 J@FC 49:=5C6? 2D ECFDE66D] *@F’C6 AFEE:?8 2== J@FC ECFDE :? @?6 A=246] x7 D@>6E9:?8 8@6D 2HCJ 2?5 E96 ECFDE66 :D ?@E ECFDEH@CE9J[ E96C6 2C6 ?@ ECFDE A@=:46 E@ 4@>6 2C@F?5 2?5 >2<6 46CE2:? 2== :D 2D :E D9@F=5 36] }@>:?2E6 2 32?< ECFDE66 2?5 C6>@G6 E92E A@DD:3:=:EJ 7C@> J@FC 6DE2E6]k^Am
Michael Baron provides estate planning guidance at Great Plains Diversified Services in Bismarck, North Dakota. Email him at KeeptheFamilyFarm@gmail.com.
Be the first to know
Get local news delivered to your inbox!