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Step 9 - Consider what is fair vs. equal - 10 Considerations for Farm Succession series

Summary

Business succession planning just doesn't happen. Producers must intentionally focus on the planning and work with a team of professionals. Here are ten steps and questions that farmers can do as they prepare for succession planning. Step nine is to consider what is fair versus equal. How should the estate plan divide assets? Has the successor contributed to the owner's business with the plan to fully compensate them with farm assets at a later date? Is this plan in writing? Does the goal of continuing the farm outweigh a strict, equal distribution of assets?