In my work with agricultural families, I’m seeing a growing and difficult reality: many farms and ranches today don’t have a successor within the family. While this absence can simplify parts of estate planning, it often creates deeper, more emotional challenges, especially when legacy and identity are tied to the land.
This article is the third in a series supporting farm and ranch owners facing this transition. If you're just joining, I recommend reading the earlier pieces at cap.unl.edu for helpful background. (Part one: Embracing Change and Coping with Loss; Part two: The Question).
Before we dive deeper into planning, we need to establish a team of advisors that you know, like, and trust to help you develop a comprehensive strategy. At minimum this team should include an attorney and a tax professional. Depending on your needs, you might also include a financial advisor, insurance agent, agricultural lender, and any other professionals that will play a role in implementing your plan.
Each advisor brings a unique perspective. One of the biggest mistakes I see is relying solely on an attorney. While legal advice is critical, the best outcomes often result from collaborative input across multiple disciplines. Here are my recommendations for having successful meetings with these advisors:
- Clarify your vision: Before meeting your advisors, ask yourself: What do I want to happen to my farm or ranch when I die? This answer becomes your team’s guiding star in shaping a realistic and effective plan.
- Gather Financial Information: Be prepared to share a full list of assets and debts, both personal and business. Include details on ownership (e.g., joint ownership, LLCs, partnerships) and bring supporting documents like leases or buy-sell agreements.
- Meet as a Group: Avoid playing the middleman. Bring your advisors together in one room or in a virtual meeting to discuss possible solutions collaboratively. It might cost more now, but it will save you time, money, and stress later.
- Speak Up About Your Concerns: Be open about your fears or risks you want to avoid. In a future article, I will outline common concerns of farmers and ranchers. These discussions help your team narrow down the best options.
- Be Transparent: Incomplete or inaccurate information is a common reason why plans fail. Be as honest and forthcoming as possible. Your advisors are there to help, not judge.
- Stay Open-Minded: Don’t assume a tool or strategy will, or won’t, work based on your neighbor’s experience. Trust your advisors to offer solutions tailored to your unique circumstances.
- Own the Final Decision: Remember, you are the CEO of your farm or ranch. The final call and the responsibility to carry out the plan rests with you.
Planning isn’t just about legal documents, it’s about clarity, communication, and preparation. When you come to the table with a clear vision, accurate financials, and a willingness to speak openly, you give your advisors the tools they need to build a plan that truly works, not just one that exists on paper. In our next article, we’ll explore the four essential documents you need to create a basic estate plan.
Other articles in this series
- Part 1: Navigating Farm Succession Without a Family Heir: Embracing Change and Coping with Loss
- Part 2: Navigating Farm Succession Without a Family Heir: The Question
- Part 3: Navigating Farm Succession Without a Family Heir: Advisory Team (this article)
