Agriculture is in one of the largest generational transitions in history. This make estate planning one of the hardest, but most important steps a family can take to preserve their farm for the future. Estate Attorney Carolyn Thompson of Thompson Law in Sioux Falls shared that message and how farmers can construct an estate plan at the Ag Outlook meeting. She’s worked with thousands of clients over the last 20 years and says the hardest part for most farmers is getting started.
Thompson advises producers to avoid the pitfall of thinking they need to write the entire plan on their own and instead should look to their attorney for guidance.
She says after farmers customize a legacy plan, they should periodically review it to make sure it still fits the operation. And then they need to take pride and ownership in the end product.
Thompson says a carefully written estate plan can be one of the greatest expressions of love in a family as it avoids costly probate and fighting among family members.
