Farm Succession
At Pacer Legal, we can help with farm succession planning to ensure you and your family will be taken care of in a way that best suits you.
Farm succession can be a complicated and stressful process for all parties involved. Finding the right balance that ensures financial security for the parents and continued viability of the farming enterprise requires careful planning. We can work with your bank, accountants and financial advisors to ensure that all parties have a realistic understanding of the financial position of the farm, allowing for compromise between the wishes and intentions of each individual.
There are many things to consider when planning farm succession.
Ensuring parents have guaranteed financial security during retirement
Consideration of potential future medical and care expenses for parents and any dependent adult children
Taking into account that existing farm debt may need to be increased in the future as part of normal commercial farming operations
Providing for children who do not live on the farm
Individuals who may feel the need to compromise their own personal aspirations in order to keep the farm ‘in the family’
By taking the time to start your farm succession planning early, Pacer Legal can help you avoid unnecessary stress in the future and ensure that all parties involved are treated fairly and equitably.