Farming and ranching isn’t just a business. It’s a way of life. It’s about family and giving purpose to our lives. And in the end, it represents a lifetime of work and stewardship over the land. It’s our legacy.

 Surprisingly I have found that, upon our first meeting, many of my farming and ranching clients have no clear succession plan for their life-long legacy. They thought it would be too complicated, intimidating, or costly – or a combination of all three. The truth is that the lack of a plan can cause much greater complications, not only with the technicalities of the estate or the tremendous expense it can incur, but among family members.

 On the other hand, creating a successful plan to pass on your legacy is really nothing more than taking stock of your goals and wishes and then working with the right advisor to determine which estate planning tools and professionals are needed to put them into place.

 So first, what are your goals?

•  Do you want to sell your farm or ranch at retirement?
• Or, do you want to retire, but continue to live in your home?
• Do you want to ensure the use of your land and what you built is always for the purpose you gave it?
• Do you want to transfer your land to all your children? Or perhaps to just one child who is active in your business? But how do you not disinherit the others?
• Do you want to give back to your community or an organization? But how do you not disinherit your children?
• Are your children from a previous marriage, yet you want to ensure that your current spouse will have an income?
• How will you pay estate taxes by having been “land rich and cash poor”?
• How can you minimize estate taxes on tangible property?

 Most important when you’re establishing your goals: Don’t not write something down because you think it’s not possible! Write it down because it just might be.

 So what next?
Many individuals and families assume that an attorney will have all the answers and be able to put everything together for you. This is true… but only to a certain extent. An attorney is necessary in the estate planning process. However, many attorneys don’t ask about the details of your present situation, future and goals, feelings and family dynamics. And most folks don’t volunteer this information. This void causes “the devils advocate” discussion to be left out in many cases. In other words: the “what if’s?” Moreover, there are various estate planning concepts which might not be in an attorney’s area of expertise.

 It would be very difficult to find a trained expert who is licensed in wills and legal documents as well as trust planning, insurance, accounting, business continuation, financial planning and estate, gift and income taxes. Remember: this is your legacy. How do you want to handle the fruits of a lifetime of work? Successful legacy planning involves a team. As a life planning consultant, one of the first issues I address when sitting down with an individual or couple for the first time is their legacy and estate plan. We work on what is important to them and finding the appropriate team of professionals and tools to accomplish their goals. In many cases this involves us as a financial, insurance and life consultant, as well as an estate tax attorney, a CPA and a trust company.

 I always tell people that we have not lived their lives, but we have lived countless experiences through the lives of our clients. When it comes to your life’s legacy, you can take my advice and take the time to plan – or you can leave your family to travel the rough road.