Protecting Your Farm With Succession Planning

It can be difficult to discuss 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 Hardyman│DiVerde Attorneys can help with all of your farm succession planning needs and make the transition easier for you and your family.

Call 815-964-8888 to create a succession plan for your family’s farm. We have the experience to create a security 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 the 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 the following:

• 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 a lookout for your family farm.