Household farms and estate planning in Ohio was a quite hot subject at an occasion that I spoke at. About 125 farmers from across the state appeared to hear me and the other speakers. Something that struck me was that the majority of the farmers I talked to stated they ‘d never ever satisfied a lawyer who might describe why they should do estate planning and senior law planning. In this post I desire to fix that problem and explain clearly why estate planning is essential for farmers.
A related question farmers typically ask me is: “What is succession planning as it relates to family farms and why do I require to do it?” In brief, household farm succession planning clarifies who is to acquire control of your farm when you retire, end up being unable to run it, or die and safeguards it against taxes, debts, suits, nursing house costs, and family disputes.
10 Factors for Household Farm Estate Planning in Ohio
Below are 10 great factors for household farm succession planning, elder law planning, and family farm estate planning in Ohio. If you have actually 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.