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build up off-farm investments,

even if he does succeed in taking over his Dad’s operation.

“The lesson of Bill’s situation, in which family members complicate the transfer of a family farm is that lack of clarity in a will leaves a burden of planning on beneficiaries who then are forced into legal and even political negotiations that are divisive and unnecessary when a good will is in place.”

Andrew Allentuck is author of When Can I Retire? Planning Your Financial Life After Work, published earlier this year by Penguin Canada.

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