Planning for your estate’s future

It is imperative to have a succession plan in place for your farm and now the COVID-19 pandemic raises the issue of how prepared we really are. Market Journal presents this video and shares some tips on how to plan of the future.

Today, there are more young farmers and young couples taking the initiative to plan for the future of their estate, if something were to happen to them. According to Allan Vyhnalek, an expert on farm/ranch succession and transition, “Younger couples are looking at what happens if ‘I end up in the hospital on a ventilator, who’s going to take care of the decisions I have to make, or some of the legal things that have to be done for decisions you have to make if you end up really sick.’”

He notes that estate planning does not have to be more complicated due to COVID-19. Estate planning is crucial because unforeseen accidents, injuries, or illnesses happen all the time: tractor accidents, heart attack, or brain aneurysm. “All of those things can cause the demise of anyone at any particular point of time,” he adds. “So, I think we just have to think about what our plans are, what we have, and what were going to do with it when were gone. Those are the things we have to keep in mind.”

Vyhnalek says that the best thing producers can do before they go to see an estate planning attorney is to make a balance sheet: “What I mean by that is, you have an inventory of all your land, all your other assets including machinery, inventory of all your livestock, all your numbers and values, and you have to have an inventory of all your personal belongings, an inventory of all your vehicles, and a inventory of your family.”