Consider how cash management, diversification, risk management and investments could reduce unnecessary struggles faced by your farm.
Tag Archives estate planning
Common pitfalls in farm finances
Farm Family Coach: Active management in some key areas can reduce unnecessary struggles for your farm
Parents retiring, leaving farm to two sons
Farm Financial Planner: A sale of personal assets to a farm corporation is subject to a now-increased capital gains exemption
A couple we’ll call Jared, 68, and Leanne, 66, from eastern Manitoba, have built a successful grain farming operation. They have three sons: Josh, 40; Craig, 38; and Shawn, 36. Jared and Leanne want to work toward retirement. The plan is to have Josh and Craig take over. Josh and Craig have both been farming […] Read more
Two brothers want to merge two farms, simplify ownership
Farm Financial Planner: Maximizing the proceeds from their estates for the benefit of charities will take some planning
In south-central Manitoba, two brothers who we’ll call Herb, 75 and Fred, 60, have farmed for more than 40 years. They’ve raised cattle and produced mixed grains. Neither has married and there are no children or other obvious heirs. In their four decades of farming the brothers have built up substantial off-farm assets. There’s enough non-registered […] Read more
Up for sale: First impressions count when selling farms
Rural real estate specialists offer advice if you're considering listing your farm
It’s been said you never get a second chance to make a good first impression. That’s especially true when it comes to selling the family farm, says a Manitoba real estate agent who specializes in farm property sales. Maurice Torr, a rural real estate expert with Century 21 Westman Realty in Brandon, says it’s important […] Read more
Six quarters and two sons
The problem of fairness in an estate plan
Rob, who is 65, and Sarah, who is 61, farm six quarters of grain and pasture in northwestern Manitoba. They have two sons, Michael and Steven, each in his 30s and married. However, Steven, who has a town job, has decided he would like to try his hand at farming. The issue in devising a […] Read more
Potential heir’s U.S. residency complicates farm estate planning
Where a situation is subject to change, have a clearly defined will subject to regular review
A single father — let’s call him Dave — is in his mid-60s. He lives in south-central Manitoba. Dave inherited several quarters of choice potato land from his parents upon their passing. Over the years he has sold of a couple of quarters but still has two quarters remaining. Dave has three kids, and he […] Read more
Plan now for a farm’s future
FCC business advisor Tim Lang offers advice on what families need to consider in transition planning
With Canada’s farm population aging, it stands to reason transition planning would be a high priority for farmers in this country. But that doesn’t appear to be the case. Despite 60 per cent of Canadian farmers being age 55 or older, fewer than one in 10 have a written transition plan, according to Farm Management […] Read more
Farm Financial Planner: Estate planning for the very long term
This tree farmer’s crop will take decades to mature, but tax planning is still key
David, a name we’re giving to a tree farmer in eastern Ontario, is 83. His wife passed away some years back. He converted a 47-acre former hay and horse farm to trees. Now there are 25,000 trees growing, a crop that, given natural mortality, he is unlikely to see mature. The trees are varied, including […] Read more
Get it in writing: wills and agreements
Financial Planning: Make things easier for yourself and your loved ones by making the paperwork clear
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
Treating non-farming children equally
We know the saying: “equal and fair are not the same.” But this is still a succession stickler
Is equalization a succession issue on your farm? Treating farming and non-farming children equally has been a source of conflict for farm families for years. With the rising valuations in farmland and farm machinery and the potential for future increases, many farm families are struggling even more with the topic of how to treat children […] Read more
Cyber-Savvy Farmer
