There’s a significant difference between a succession plan and an estate plan.

Having a clear understanding of debt, whether long-term or short-term, fixed or variable, can help develop a strategy. 

For fourth-generation dairy producer Jared Kurtz, managing the income-generating capabilities of a dairy herd and farm are important for the future, but investing energy in family is foundational to building a dairy legacy.

Transition/succession/estate planning can be intimidating, but here are four points that I hope ease some fears, answer questions and light a fire under you to stop procrastinating.

Second marriages can present a unique challenge for farm succession planning. The challenge occurs when one or both spouses have children from a prior marriage.

It might be the worst-kept secret in agriculture that many farmers are reaching retirement age, bringing to light the need for a proper succession plan. Yet, many farmers put off having the often difficult or uncomfortable conversations surrounding succession planning.

When I asked the group of cowboys in their black Stetsons what was the one thing they grasped after four hours of interaction, it was “importance of communication.” It is easy to say, but how do you put it into practice?