Marcus Kirkpatrick’s Post

A common theme with the farmers we work closely with every day is that they want to see their children and grandchildren one day farm the land that they and their parents have farmed. With this dream comes the conversation of farm succession planning. The following article breaks down farm succession planning into phases: https://lnkd.in/gmVrc8CG

From 1 September, the long-anticipated updates to the Agricultural Holdings Act 1986 succession rules have come into effect in England and Wales. These changes impact how succession tenancies are determined, with new eligibility suitability tests now in place. If you're an AHA tenant or landlord, it will be crucial to start thinking about these changes now. To help guide you through the process, our latest article has an overview of the headline changes: https://lnkd.in/eyny68Wk

In May’s Scotsman Money you can find out why a tax efficient succession plan is more crucial than ever for Scottish farmers and estate owners, according to Simon Wigglesworth, Director and Chartered Financial Planner at Waverton Wealth , a sponsor of The Scotman’s personal finance supplement. Simon will explain how to achieve a strong succession plan and discuss various financial challenges facing the Scottish rural sector. #AD #finance #investment #tax #agriculture #farming

In May’s Scotsman Money you can find out why a tax efficient succession plan is more crucial than ever for Scottish farmers and estate owners, according to Simon Wigglesworth, Director and Chartered Financial Planner at Waverton Wealth, a sponsor of The Scotman’s personal finance supplement. Simon will explain how to achieve a strong succession plan and discuss various financial challenges facing the Scottish rural sector. #AD #finance #investment #tax #agriculture #farming

Secure the Future of Your Family Farm: Succession Planning Hey there, farming families! Is your family farm ready for the next generation? Let's talk about the importance of Family Farm Succession Planning. Why Succession Planning Matters: 🏡 Preserving Tradition: Your family farm is more than land; it's a legacy built on hard work and love for the land. 📜 Ensuring Continuity: Proper planning ensures a smooth transition of ownership and operations to the next generation. 🌱 Financial Security: Protect your family's livelihood and assets while minimizing potential disputes. 💼 What Succession Planning Involves: 📋 Identifying Successors: Who in the family is ready and willing to take over? This might be one child or multiple family members. 📜 Legal Documentation: Drafting clear and comprehensive agreements, wills, or trusts to outline ownership and management responsibilities. 🤝 Communication: Open and honest discussions among family members about roles, expectations, and goals. 💰 Financial Planning: Addressing financial aspects, including taxes, debts, and funding for the transition. 💡 Key Tips: Start Early: Succession planning is a process that takes time. Begin discussions and preparations well in advance. Seek Professional Guidance: Consult with agricultural and legal experts who specialize in farm succession planning. Maintain Flexibility: Farming is unpredictable. Your plan should be adaptable to changing circumstances. #FarmLegacy #FutureOfFarming #FamilyValues #AgriculturalHeritage #farmfamily #farmsuccessionplan #lawyernearme #okemoslawyer

Succession Planning Tips for Michigan Farmers Succession planning is crucial for Michigan farmers who want to ensure the longevity and success of their family farms. Here are some essential tips to help you get started: Start Early: Begin planning well before you intend to retire. This gives you ample time to address any issues and make necessary adjustments. Involve Family Members: Engage all family members in the planning process. This ensures everyone’s expectations and concerns are addressed, fostering smoother transitions. Create a Written Plan: Document your succession plan clearly. Include details on how the farm will be managed and how ownership will be transferred. Consider Legal and Financial Advice: Work with a lawyer and a financial advisor to navigate the complexities of succession planning, including tax implications and legal requirements. Educate the Next Generation: Provide training and mentoring for the future leaders of the farm. This helps them gain the skills and knowledge needed to manage the farm successfully. Review and Update Regularly: Circumstances change, so it’s important to review and update your succession plan periodically to ensure it remains relevant. Ready to secure the future of your family farm? Contact Dresser Law PLLC at (269) 689-8527 to schedule a consultation and start planning your farm’s succession today. #SuccessionPlanning #Farmers #FamilyFarm #MichiganFarmers #FarmManagement

Not many farmers relish the estate planning process, yet it’s vital in passing on the family farm. Estate plans aren't only about dividing assets; they're about securing your farm’s future. Learn what goes into a good estate plan and importance of involving the right people, from family members to financial advisors, in the process. #LandAsYourLegacy

Not many farmers relish the estate planning process, yet it’s vital in passing on the family farm. Estate plans aren't only about dividing assets; they're about securing your farm’s future. Learn what goes into a good estate plan and importance of involving the right people, from family members to financial advisors, in the process. #LandAsYourLegacy

Not many farmers relish the estate planning process, yet it’s vital in passing on the family farm. Estate plans aren't only about dividing assets; they're about securing your farm’s future. Learn what goes into a good estate plan and importance of involving the right people, from family members to financial advisors, in the process. #LandAsYourLegacy

Not many farmers relish the estate planning process, yet it’s vital in passing on the family farm. Estate plans aren't only about dividing assets; they're about securing your farm’s future. Learn what goes into a good estate plan and importance of involving the right people, from family members to financial advisors, in the process. #LandAsYourLegacy