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When a person considers business, estate and succession planning, the big items at the top of their mind may include things like a will or an operating agreement.
In the past couple of years, we have all had to adjust to the world operating differently. This adjustment on a global scale is somewhat similar to the period of adaptation people go through when they lose a family member.
Farm families are stuck when it comes to getting everyone to the kitchen table to talk about timelines for transition of labour, management and ownership of the farm.
What on earth is a flight plan, and why do farmers and ranchers need one? The name is derived from the song “I’ll fly away.” You know the one … “I’ll fly away, oh glory, I’ll fly away. When I die, hallelujah, by and by, I’ll fly away.”
Oprah Winfrey was famous a few years back for giving away a car to each member in her audience. This was likely considered a gift by Oprah to everyone, and most ranchers would think she had to pay a large amount of gift tax.
It was supposed to be me – I was supposed to be the first to go. Statistically, the husband dies first, so Pam and I made provisions for that far off, but seemingly inevitable, event.
