The family farm is worth much more than just money. She’s a legacy, rich with tradition and history. Our hope is to pass that legacy down to loved ones, one generation after the next, in the most prudent way possible.
The family structure or how we own what we own is paramount to the success of a family’s financial plan. How you own what you own is the foundation of this plan. We should also be mindful of minimizing or eliminating, to the extent possible, unnecessary income and estate taxes, while not sacrificing income or control to the senior members of the family. This structure should also incorporate protection from unforeseeable liabilities, such as bankruptcies, lawsuits and divorce.
Organizational structure is one of the most important and overlooked aspects of a financial plan. How we own what we own determines how your assets are disposed of during your life and after. If you have not recently (within 3 years or life event) reviewed your beneficiaries and account titles, the time is now.