Estate and transition planning have moved up in importance for many in Licking County. Changes in ownership of properties is happening rapidly do to the high demand of land for non- agricultural purposes in western Licking County. Ohio State Extension has just put out a series of bulletins to help understand the processes and terminology involved in estate planning. I have put a few of these in previous newsletters but this will provide access to the complete series.
Like planning for the next year of production, farm transition and estate planning is critical to a farm’s success. With good planning, a farm family can protect farm assets, implement family and business goals, and ensure a smooth transition of a viable operation to the next generation. It’s the kind of planning that can pay off big. Our Planning for the Future of Your Farm law bulletin series can help with this important planning need. In this series, we explain the legal tools used for transition and estate planning and present strategies that can address a family’s goals. Reading our bulletin series and attending our popular workshop (posted on our Events page) are two first steps that can help you plan for the future of your farm.
- Farm Transition Planning: What it is and What to Expect
- The Financial Power of Attorney
- The Health Care Power of Attorney and Advance Directives
- Wills and Will-based Plans
- Legal Tools for Avoiding Probate
- Gifting Assets Prior to Death
- Using Trusts in Farm Transition Planning
- Using Business Entities in Farm Transition Planning
- Strategies for Treating Heirs Equitably
- Strategies for Transferring Equipment and Livestock