MAKING GOOD DECISIONS FOR THE NEXT GENERATION
Anyone involved in agriculture knows that we are currently experiencing tough times. Several years of low commodity prices have eroded much from the “good years” that we all experienced a few years back. However, most of us realize that farming is cyclical and are hopeful for better times ahead. Succession planning and family fairness issues are easier in good times. For example, if a husband and wife have three children, only one of which farms, the couple knows that in good economic times the farming child has a greater ability to buy out non-farm children. As such, a husband and wife may have a plan where all three children inherit equally, knowing that the farming child will utilize the good economic times to purchase the interests of the non-farming children. PREPARING FOR HARD TIMES The outcome changes greatly in harder economic times. First of all, if the farming child(ren) d...