One thing that struck me was that most of the farmers I spoke to stated they ‘d never fulfilled a lawyer who could discuss why they should do estate planning and elder law planning. In this post I want to resolve that problem and explain plainly why estate planning is essential for farmers.
An associated question farmers frequently ask me is: “What is succession planning as it associates with family farms and why do I need to do it?” In brief, household farm succession planning clarifies who is to get control of your farm when you retire, become not able to run it, or die and protects it against taxes, financial obligations, claims, nursing home costs, and household disputes.
10 Factors for Household Farm Estate Planning in Ohio
Below are 10 good reasons for household farm succession planning, senior law planning, and household farm estate planning in Ohio. If you have not prepared properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate fees and legal costs.