We spoke to more than 100 dairy operators, farmers and ranchers, and the top three concerns were protecting assets for future generations, minimizing tax liabilities and ensuring a successful succession or exit strategy. Let’s explore how family farmers can address each one.

I recently coached a wealthy farmer to have an individual conversation with each of his nonfarm heirs. He had never thought that this was something he could do. Were his children wanting land, money or something else? If it terrifies you to even think of asking the next generation, consider why.

At a recent minor league baseball game, my wife and I found ourselves seated next to a lovely young couple who were pretty obviously baseball novices.

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?

With proper planning, you can potentially help your loved ones avoid the need for a courthouse visit when your life adventure ends. Many assets can pass outside of the probate process if the decedent planned ahead.

Find a lawyer you like. Ask other farmers which professionals have served them well. You can also go to the Canadian Association of Farm Advisors directory to find great advisers who care about agricultural families.