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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

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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
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

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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
Features

Be prepared: consider the future now

Are you prepared to carry on with the farm in the event of a spouse’s death or disability?

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An unexpected death, divorce, separation or long-term disability can cause huge issues for the farm business when that person is a key member of the operational or management team. Panel members at the Manitoba Farm Women’s Conference (MFWC) in Brandon in November gave advice for farm women who could find themselves in this position. Probably the first […] 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
Communicate better with your farm lawyer
Farm Life, FarmLife

Communicate better with your farm lawyer

Lawyers have lots of experience and wisdom but they can’t read minds

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Lawyers are the brunt of many jokes, but if you want to have a great succession outcome you better have a great communication plan with your farm’s lawyer! Ontario lawyer Sarah Jacob shared her experiences at a CAFA (Canadian Association of Farm Advisors) update. Would you like to save time and money in front of your […] Read more
Solving problems with life insurance
Features

Solving problems with life insurance

Life insurance, combined with fixed value corporate shares can solve succession problems

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This month, I asked the experts a very direct question: “Can my incorporated farm business pay my personal life insurance premiums?” The answer was reasonably clear: Certainly, your farm corporation can pay your personal insurance premiums, but in general you will pay personal income tax on the premium amounts because they are a personal benefit to you. […] Read more
Columns

Time to distribute the farm assets

Farm Financial Planner: At age 80, Mary wants to pass her wealth on to her family and a favourite charity

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As her 80th birthday approaches, a farm widow we’ll call Mary finds herself in a dilemma. Her husband Bob passed away 10 years ago, leaving substantial life insurance benefits which she used to cover living expenses and farm losses. Mary’s 1,280-acre grain farm is rented to tenants. The farm has broken even with recent high […] Read more
Life insurance alternatives
Features

Life insurance alternatives

Banks push mortgage life insurance, but there are cheaper, more flexible alternatives

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If you’re getting a mortgage for the first time or refinancing an existing mortgage at a different institution, chances are the person across the desk is going to try to peddle mortgage life insurance. Data show that about 60 per cent of Canadians with a mortgage written by a bank also have mortgage life. It’s […] Read more

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