Protecting Your Farm With Succession Planning
It can be difficult discussing what should happen to your farm after you retire or pass away. Planning for the future is an important step, especially when it comes to the family farm. Our attorneys at Howard, Hardyman & DiVerde, LLP Attorneys can help with all of your farm succession planning needs and make the transition easier for you and your family.
Call 815-516-1549 to create a succession plan for your family’s farm. We have the experience to create a secure plan that can protect your farm’s legacy.
Planning Can Protect Your Farm
Farm succession plans are similar to
business succession plans. However, there are specific issues that need to be addressed when it comes to passing on ownership and other responsibilities associated with your farm. The right plan might include formation of a family limited partnership or limited liability company.
Succession plans can include a variety of issues that can affect the future of your farm. Some of the most common issues to address in your farm succession plan include:
- Ownership of the farm
- Value of the farm
- Operation of the farm
- Equipment distribution or ownership
Our lawyers can make sure you and your family are properly prepared for any transitions that will happen in the future. We will look at the tax implications, assets tied to the farm, operating costs and who may be the best person to operate or own the farm in the future.
Planning now can make sure your wishes and goals are protected. We know what questions to ask and what issues to address — you can trust us to protect your interests as well as look out for your family farm.
Contact Us To Defend Your Farm’s Future
We are located in Rockford, and our attorneys can help with farm succession planning in Illinois. To see how we can help protect your farm and retirement goals, call us at 815-516-1549, or