You’ve put a lot into your farm or ranch over the years. It’s the legacy you’ll pass on to your children, and hopefully your grandchildren one day. An effective transition plan is one way to ensure that your goals for the future of your operation become a reality.

Farming is often a family run operation. As with any business, proper business planning and estate planning ensures that future generations can carry on the job you have worked so hard to build and maintain. Do you have a transition plan in place for when it’s time to hand down the farm? The time to act is now. Waiting until you are ready to retire or not having a plan in place when you pass away can put the entire farm at risk.  Without a plan in place, each state where your land is, will decide how your farm will be distributed.  Maverick Wealth Management has partnered with Nationwide to provide vital information on farm management best practices, risk management and other business issues relevant to farms and ranches.

As an owner of a farm or ranch, many of your assets are tangible items.  Land, livestock, equipment may be difficult to divide evenly among your children, grandchildren or other desired parties.  Equally as challenging is continuing the farming/ranching operation(s) within the family: Will all your heirs wish to continue the legacy, only a few, none at all.  That’s why developing an effective transition plan is important.  With it you can prepare for the future knowing that your agribusiness operation will be handled exactly as you want.

Transition planning can help you:

• Preserve your legacy
• Safeguard the value created by your operation
• Set up an orderly transition of ownership and management
• Provide for financial basics
• Identify and manage risks

Ranching:

Farming and Ranching are often family run operations. Careful planning can help make the transition from one generation to the next move seamlessly. Let us help transition create a transition plan that works for you and your family.