Household farms and estate planning in Ohio was a quite hot subject at an occasion that I spoke at. About 125 farmers from across the state appeared to hear me and the other speakers. One thing that struck me was that most of the farmers I talked to said they ‘d never ever fulfilled an attorney who could discuss why they need to do estate planning and elder law planning. In this post I want to fix that problem and explain plainly why estate planning is needed for farmers.
A related question farmers typically ask me is: “What is succession planning as it connects to household farms and why do I require to do it?” In short, family farm succession planning clarifies who is to get control of your farm when you retire, become not able to run it, or die and protects it against taxes, debts, suits, nursing home expenses, and household disputes.
10 Reasons for Household Farm Estate Planning in Ohio
Below are 10 good factors for family farm succession planning, senior law planning, and family farm estate planning in Ohio. If you have actually not planned properly for the future of your farm and estate:
– Your estate will go to probate and cost more in probate charges and legal charges.