retirement Archives - Page 4 of 5

Farm Financial Planner: Building up those off-farm assets

With a big farm and few takers from the next generation, a couple focuses on off-farm assets

By Andrew Allentuck May 12, 2016

On a 4,000 acre farm in southWestern Manitoba, a couple we’ll call Herb, 56, and Lorie, 45, grow grains and raise 600 head of cattle. They have been successful over the years with Herb and his brother buying the family farm in equal shares. That buyout provided Herb’s parents with a retirement income and gave […] Read more

During the 10-year buyout of the farm, Sam and Ursula would have an annual income of almost $150,300.

Columns

Farm Financial Planner: Transition: two children, one farm

Sam and Ursula wan to pass the farm onto their son, but share the wealth with their daughter

By Andrew Allentuck April 18, 2016

A farmer we’ll call Sam, 62, and his wife Ursula, 59, farm 10 quarters of grain in central Saskatchewan. Helped by their son, Ernie, and his wife, Maria, both 35, they have developed a very successful operation. The farm generates an average of $175,000 a year and the couple operates equipment for roadwork, snow plowing […] Read more

Columns

Farm Financial Planner: Retiring farmer selling off the farm

With no spouse and a disabled nephew, this Saskatchewan farmer is ready to close up shop

By Andrew Allentuck March 7, 2016

In northwestern Sask-atchewan, a 63-year old farmer we’ll call Rorie runs a mixed grain and cattle operation on 12 quarters of land. Helped by Sam, his 43-year old nephew, Rorie, who has never been married, keeps five quarters in wheat and oilseeds and grazes 80 cows on the remaining seven quarters. Rorie has a lot […] 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

By Andrew Allentuck January 29, 2016

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

Columns

Farm Financial Planner: Finding a comfortable retirement

Farmers can turn marketing board quota and a modest income into a comfortable retirment

By Andrew Allentuck November 12, 2015

In southern Manitoba, a couple we’ll call Herb, 63, and Martha, 60, have a mixed farm with most of their effort and capital invested in producing poultry products for a group of grocery stores in Winnipeg. They operate 310 acres of land surrounding their 10-acre yard with an aging farm house, their 35-year old son’s […] Read more

Columns

Keep farming for a lower tax bill

Keeping the farm operating will hold taxes down and maintain the farm legacy

By Andrew Allentuck May 19, 2015

Farming has been good to a couple we’ll call Horace, 50, and Betsy, 40. Their 3,500-acre grain operation has been consistently profitable. Now they want to plan their retirement and succession, but it’s too early to tell if their daughter, Moira, 10, will be interested in continuing to farm. The couple plan to stay with […] Read more

Features

Five habits for a successful farm succession

Unresolved conflicts destroy family businesses. Plan ahead to help your family through the farm succession minefield 

By Michael Flood April 28, 2015

Dr. John Fast, a business planning consultant, bills himself as “The Family Business Doctor.” Judging from the size of the crowd at his talk at this year’s FarmTech Exhibition in Edmonton, lots of farmers are seeking his prescriptions. His presentation, “The Ultimate Management Challenge: Succeeding At Succession,” addressed one of the most difficult parts of running a family […] Read more

Columns

Untangling the farm tax knots

For a two-generation family actively farming a big spread, transition poses tax issues

By Andrew Allentuck January 29, 2015

In southwestern Manitoba, a couple we’ll call Phil, 63, and Mary, 58, have farmed grain for the last four decades. For Phil, the farm is a continuation of a family tradition with his parents and his brother. For 40 years, they have plowed all profits back into the farm. Today, they farm 4,000 acres they […] Read more

Columns

Sold the farm. Now what?

After an auction sale, farmers will have a lot of cash on hand. Les Henry offers some investment tips

By Les Henry December 5, 2014

I took a run at this topic a couple of years ago but think it is worth another run. This past year I have seen ads for many auction sales of former students, colleagues and friends. They have all recognized a once in a lifetime opportunity. Anyone long enough in the tooth has seen the […] Read more

FarmLife

Dealing with retiring farmers

Be sensitive with aging landowners, many will have a hard time letting go

By Elaine Froese December 4, 2014

I am extremely grateful for the three neighbours who showed up with three extra combines to harvest on the last sunny Saturday of September. It really made a huge difference in reducing the stress on our farm. When I relayed this story to an easterner he said, “Wow, they still do that out there? Neighbours […] Read more

Alberta crop conditions improve: report

U.S. grains: Corn sets contract lows on expectations for big US crop

U.S. livestock: Cattle strength continues

GFM Network News

Alberta crop conditions improve: report

U.S. grains: Corn sets contract lows on expectations for big US crop

U.S. livestock: Cattle strength continues

Tag Archives retirement

Farm Financial Planner: Building up those off-farm assets

Farm Financial Planner: Transition: two children, one farm

Farm Financial Planner: Retiring farmer selling off the farm

Time to distribute the farm assets

Farm Financial Planner: Finding a comfortable retirement

Keep farming for a lower tax bill

Five habits for a successful farm succession

Untangling the farm tax knots

Sold the farm. Now what?

Dealing with retiring farmers

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