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People sometimes talk about family farm succession like there’s just one kind: a farm operation transitioning from older parents to their children and spouses who want to farm.
That’s the reality for many, but what if you don’t have family lined up to take over? How will you plan for a financial future once you stop farming?
Brent DeKoning has helped many farm families transition beyond agriculture while protecting or growing financial assets they earned during their farming years.
“Farmers are accustomed to investing whatever capital is available back into the farm,” says DeKoning, Associate Advisor with RBC Dominion Securities in Kitchener, Ont. “Once you look post-farming, investing changes.”
Should you sell assets when you stop farming? Which assets, when and for how much? What about the taxman? As DeKoning sees it, all these questions should only be considered after
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the biggest question in the room is answered. That is, what kind of life do you want?
Canadian producers have their hands full running increasingly large, increasingly complex operations. Often, it’s not easy to even think about a post-farming life. This is why DeKoning recommends that producers start exploring the idea a full five years before they intend to hang them up. Many will also consider a legacy to ultimately leave behind to family members or charitable organizations.
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“We can figure out exactly what your investments need to do, for you to have the lifestyle you want,” says DeKoning. “It needs to be well-structured from a tax standpoint, yes, but the guiding light is the life you want to live, and the plan flows from that. Our role is to help make it all happen.”
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- Brent DeKoning,
Associate Advisor, RBC Dominion Securities Inc.
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* NO PURCHASE NECESSARY. Contest is open to Agricultural Producers in Canada. Contest ends April 10, 2020 at 5:00 PM EDT. One prize available to be won (approx. value $50,000). Correct answer to skill-testing question required. Complete Contest Rules available at rbc.com/feastinthefield.
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