Agricultural Estate Planning has never been easier than with IPS Advisory Services and the program:
Have you developed a transition plan for when it’s time to pass down the farm?
Nationwide’s Land As Your Legacy® program helps provide security to families engaged in the agricultural community so that the land and businesses that you have worked for generations will be preserved and remain a legacy for generations to come.
There are 5 key elements in the transition planning process that you should consider. Watch this video to learn more:
Put together a farm transition plan
Farmers have unique needs when it comes to transition planning. They typically have a lot of non-liquid assets, such as the land and the equipment needed to farm that land. A successful farm transition plan 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
- Turn non-liquid assets into cash to cover taxes and expenses
- Identify and manage risks