Retirement might feel a long way off, but it’s never too early to start thinking about your farm’s future.
There’s a lot to consider when building your succession plans — from when to hand over responsibilities to how you’ll structure the transfer of ownership. These decisions require careful consideration and often take place over several years. They won’t happen overnight.
We recommend starting conversations 10 or even 20 years ahead of your expected retirement date. That gives you and your family time to get on the same page about everyone’s roles and responsibilities, and what to expect on the farm in the years to come.
It also allows you to structure the farm and farm assets in the most tax-efficient way possible.
Worried that it’s too early or your plans might change? You can never know what the future holds. That’s why it’s so important to create a strong foundation now. Your children and your legacy are too precious to leave to chance.
Curious how your plans measure up? Take our TransitionSMART self-assessment to find out.
