Family Farm Estate Planning in Ohio: 10 Reasons That You Required to Do It
Family farms and estate planning in Ohio was a pretty hot subject at an event that I spoke at. About 125 farmers from throughout the state appeared to hear me and the other speakers. Something that struck me was that the majority of the farmers I spoke with said they ‘d never ever met a lawyer who could describe why they must do estate planning and elder law planning. In this post I desire to fix that concern and describe plainly why estate planning is essential for farmers.
A related question farmers often ask me is: “What is succession planning as it relates to family farms and why do I need to do it?” In quick, family farm succession planning clarifies who is to gain control of your farm when you retire, become not able to run it, or die and protects it against taxes, debts, claims, nursing house costs, and household disputes.
10 Factors for Family Farm Estate Planning in Ohio
Below are 10 good factors for household farm succession planning, senior law planning, and family farm estate planning in Ohio. If you have not planned properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate charges and legal costs.