Optimize Estate Strategies as the Farm Evolves

Problem: How can families keep farm estate goals on track as the business changes over time?

- Mark McLaughlin

We’re working hard to optimize our farm business. We’re tracking our financials much better than before, and we’ve started having routine meetings with our advisors to stay on top of things. However, our farm succession planning felt more like “set it and forget it,” and I know a lot has already changed since we created the plan. Are there any checklists or practical steps we should take each year to keep our farm estate goals on track?

- from A.T., via email

Solution: It’s often hard to notice changes from day to day, A.T., but over the years, it’s surprising how much can change on a farm. Periodic reviews prevent surprises and keep your plans relevant. Instead of creating a comprehensive checklist for reviewing things such as ownership methods, beneficiary designations, and estate documents — which are all important — let’s break it down into three essential steps for keeping your long-term plan in check:

1. Revisit Roles and Goals