Why you need farm succession planning
Farm estate plans can ensure a smooth transition to your next generation, minimize tax burdens and prevent family disputes.
With a plan in place, you can keep the farm running even while you transfer the operations and knowhow to your next generation.
You can feel more comfortable about handing over the reins of your farm and leaving everyone feeling financially secure.
Well-documented and communicated succession plans can minimize conflict and ensure a clear understanding of roles.
Without a succession plan, your farm could go into probate. Or, there could be settlement issues between family members. Both can be time consuming and expensive.
How does farm estate planning work
Farming today is a business. The Income Tax Act provides options to minimize taxation for farmers who want to pass their farm down to the next generation. We can help you make sense of these tax provisions and create a solid plan for the future.
Your Co-operators financial representative will work with your legal and accounting advisors to prepare a farm estate plan that will protect your farm and your family in a fair and tax-efficient way.
We can help you:
- discuss farm transfer options with your heirs
- review your will, power of attorney and personal health care directives
- estimate the government’s share of your estate to give you time to prepare for the future tax liability
- ensure that children who are actively involved in the farm, and those who are not, receive a fair settlement that reflects their roles and contributions
- secure a comfortable retirement
- minimize estate and settlement costs
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