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Life insurance statement
Features

Three farm insurance Q and As

Life insurance and loan insurance is expensive. Get your money’s worth

By
There are always outstanding questions about how farmers can use insurance, either as part of a succession plan or just a part of doing business. Here are three questions and answers. Will my family have to pay taxes? When you die, will your family have to pay taxes on your assets, as well the proceeds […] Read more
Farm Life, FarmLife

How to help founders let go

The transfer is inevitable so it can either be done in planned stages over time or by death

By
What should I do with the next 25 years? At 61, my life expectancy is 86. The math says I have a quarter of a century left to create legacy, help others transition, and mentor the next generation. I am also now a grandmother who delights in reading Penny Grace stories, rocking her to sleep, […] Read more
Columns

Farm Financial Planner: Life insurance backs succession plan

A widow uses insurance products to assist her son and plan a legacy for her daughter

By
A couple we’ll call Martha, 60, and Max, 61, farmed in south central Manitoba for four decades. They grew an original 640 acres into 2,400 acres they own personally and through their corporation, and then added another 4,000 acres, which they rent. A son, Ernest, in his mid-30s, has been part of the operation for […] Read more
Last Will and Testament
Features

Get it in writing: wills and agreements

Financial Planning: Make things easier for yourself and your loved ones by making the paperwork clear

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Laura McDougald-Williams, a partner with Meighen Haddad LLP in Souris, Manitoba, spends a lot of time with farm families trying to help them plan for unexpected events such as death, disability, divorce or disagreement. “So many times, I wish I’d had a 20-minute estate planning session with people before one of these events in their […] Read more
You have to share what’s in your head with your farm team. People can’t read minds.
Farm Life, FarmLife

Love does not read minds

You need to share what’s in your head and heart so have those farm transition discussions

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An amazing group of Alberta farmers shared their deepest fears with me at the 2018 Agriculture Service Board Conference. They texted me their biggest issues regarding fairness in transition planning. I thought you might like to see what resonates for you in this list of texts (no particular order). What I have had to come […] Read more
Devon and his wife Pamela have three young children. When Devon saw an opportunity to grow the farm and make a living, he returned to the farm full time.
Crops, Features

Meet your farming neighbours: Devon Walker

Devon Walker left an off-farm job to go all in on his fourth-generation family farm

By
Every farm has its own story. No two farms (or farmers) are exactly alike. Everyone got started in a different way, and every farm has a different combination of family and hired staff who make the decisions and keep things running. But, in general, even after you consider all of the details, Prairie farmers are […] Read more
Bags Of Money On A Canola Field
Features

The case for making cash flow projections

Financial Planning: A cash flow projection is a versatile financial risk management tool

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Preparing a cash flow projection as part of your annual farm budget process could provide a signal that changes are needed for the upcoming year. While it’s true farmers have no control over the weather or commodity markets, we do have control over most costs. With the exception of unpredictable pesticide decisions, annual expenses may […] Read more
Features

Life insurance: defining our terms

Financial Planning: Term life. Whole life. Define your problem to choose the best plan for your farm

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Life insurance often gets a bad rap. You know the stereotype: pushy salesperson trying to get you to buy something you think you don’t want or need. But for farmers and farm families, life insurance can be important for short-term needs and long-terms goals. Let’s start with laying out the definitions: term life insurance versus […] Read more
Features

Life insurance as the key to farm succession

Farm Management: A solidly developed life insurance policy could be the key to hassle-free planning

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Farmers often have something not all non-farmers have: the desire to see their lifelong work continued. Ideally, the next generation will take over, though maybe only one of your kids will stay on the farm. Land values have skyrocketed in the last 30 years and many farmers’ net worths are caught up in land values […] Read more
Canola, Crops, Features

New non-GMO canola variety for the market

Manipulation and natural plant enzymes create sulfonylurea-resistant variety

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For western Canadian farmers waiting for a herbicide tolerant canola variety with a different mode of chemistry action to help reduce the risk of herbicide tolerance, SU Canola is here. Commercially available on a limited basis, Cibus (pronounced See-bus) is launching its first herbicide-tolerant, non-GMO canola variety, resistant to sulfonylurea herbicide, to Prairie farmers for […] Read more

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