Wherever you are today in your process, there is work to be done to help you prepare for the fruits of your labor, both the hard assets and the two-legged ones, to thrive throughout the next generation.

A common scenario among many farmers is that one of their children wants to continue the farming business while their other children do not. What can farmers do in a situation like this as they plan for the future?

Successful transition planning begins with a first and formal transition conversation, and how the first conversation goes often sets the stage for the entire process. Get off on a good foot, and the entire process is smoother.

It has been said that everyone should have two exit plans. One for where they control each of the circumstances, including their health, timing, business cycles, needs of the next generation, etc. and another plan for when the circumstances are the boss.

According to the brochure “What every older Canadian should know about: Powers of attorney and joint bank accounts,” power of attorney is a written, legal document authorizing one or more persons to manage your money and property on your behalf when you are unable to do so.