Family Farm & Business Planning
At Dolan & Associates, we’ve found that keeping a farm, ranch or small business in the family requires unique, targeted strategies. You can’t follow the same approach as someone who has just “investments” to pass on. Estate planning is critically important for preserving and passing on family farms, ranches, and small businesses in communities like ours. Farm, ranch and small business estate planning must be adapted to fit specific family situations.
Whether you like it or not, eventually you are leaving your farm, ranch, or small business… Either standing up, or laying down. Without an effective plan for the transition of your operations, it is unlikely that what you have built or maintained over your lifetime will survive into the next generation.
Mike is a regular columnist for Western Farmer Stockman – FarmPress (previously Western Farmer Stockman)
Most people think of estate planning as writing documents to say who gets what when they die. We could, perhaps, call the documents an estate plan, but creating those documents is not estate planning. Estate planning is a complex series of actions, changes, or functions bringing about a result – much like farming, ranching and a successful small business! Dolan & Associates has a unique approach to estate planning that includes working together to create a meaningful plan, to align your estate WITH your plan, and to commit together to the routine maintenance required to keep your estate plan updated.
Finally, even after the estate is formally “settled,” your planning may continue! If your goals included asset protection, long-range tax avoidance, or a heritage that lasts for generations, your heirs will continue developing, enhancing and living out that plan for decades or generations to come! If you transfer your vision to them, they will keep building on it.
Estate planning is no minor project. Meaningful results come from a systematic process!