Household farms and estate planning in Ohio was a pretty hot topic at an occasion that I spoke at. About 125 farmers from across the state showed up to hear me and the other speakers. One thing that struck me was that the majority of the farmers I spoke to said they ‘d never ever met a lawyer who could explain why they ought to do estate planning and elder law planning. In this post I want to fix that issue and discuss clearly why estate planning is necessary for farmers.
A related concern farmers often ask me is: “What is succession planning as it connects to household farms and why do I need to do it?” In short, family farm succession planning clarifies who is to get control of your farm when you retire, end up being not able to run it, or die and secures it versus taxes, debts, claims, nursing house costs, and family disputes.
10 Factors for Household Farm Estate Planning in Ohio
Below are 10 good reasons for household farm succession planning, senior law planning, and household farm estate planning in Ohio. If you have not prepared properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate costs and legal costs.