Farm transition, succession or estate plan is difficult, but posing scenarios or telling stories helps guide the discussion
At the end of October, Clint Fischer, an American farm estate and succession plan lawyer, posted the following comment to his X account. “You’re presented an opportunity to work for a retiring farmer and own the operation over time. What are your concerns? Not free, you’ll be buying into the operating entity at a discount. […] Read moreTag Archives succession planning
No regrets, and no more anxiety
STROME, Alta. — It wasn’t until Ray Lestus grew his last crop and sold his farm machinery that he realized how much anxiety he felt when he was farming. “The worries. You don’t realize how much you worry about everything,” said Letus. In the last few years, it was his job to race around fields […] Read more
Time to pay attention to bare trusts, part two
Previously, I wrote about bare trusts in the new trust disclosure rules and the T3 trust return filing. In that article, I alluded to another new set of rules that loop in certain bare trust relationships. These new rules are contained in federal legislation called the Underused Housing Tax Act or UHTA. A bare trust […] Read more
Two weeks notice usually not enough for job termination
It is a common misconception that when an employer terminates an employment relationship without cause, they are only obligated to provide the notice period prescribed by the Saskatchewan Employment Act. In reality, most employees are entitled to a much longer notice period. Under the act, in the case of a termination without cause, the employer […] Read more
Farmers think about next generation
Seidlitz family knows it will be important to put plans down in writing if next generation wants to carry on the operation
BETHUNE, Sask. — The Seidlitz family seems to reach back more than one generation for land transfers. Henry Seidlitz bought his farmland from his grandmother and Henry’s son, Bill, bought his farmland from his grandfather. “I am not sure what will happen for the next generation. It has worked well up to now. I don’t […] Read more
Transition starts by deciding who wants to farm
A good place to start when beginning a farm succession plan is to determine what every family member intends to do in the future
THORHILD, Alta. — Six years ago Harry and Barb DeWindt ordered their three daughters and families to a mandatory meeting at the farm with no hints about the topic. “We are all sitting around the table. One said, ‘are you dying?’ No, I just want to ask you one question all at the same time. […] Read more
Mediation is a common tool used for dispute resolution
Mediation is a dispute resolution process that many people choose or are required to participate in when they are involved in a legal dispute. In Saskatchewan, all civil lawsuits are required to participate in mediation once the claim and defence are filed. This mediation is provided through the province and is at no charge to […] Read more
Incorporating farm partnership can have tax benefits
Incorporating a farming partnership can be beneficial for several reasons, including the potential to benefit from using the partners’ capital gains exemptions with proper tax planning. For farmers who operate as sole proprietors, there is no need to worry, as it is often possible to restructure your proprietorship into a partnership with your spouse, a […] Read more
Fair transition can require creativity
Estate planning specialist says families must recognize that everyone involved in the process has different perspectives
LACOMBE, Alta. — When farm families need strong medicine to help solve their farm estate challenges, they call the Farmacist. Reg Shandro has talked to farm clients for more than 20 years, helping to find the correct remedy for a successful farm transition. Shandro has broken his estate planning into four themes — perspective, fair, […] Read more
Electronic wills are the new frontier of estate planning
Saskatchewan recently introduced legislation allowing for wills in electronic form. Previously, wills needed to be written on paper with a “wet ink” signature. This new change will allow for the option of either: a holograph will a paper will with a “wet ink” signature a digital/electronic will This article will explore the need-to-know information surrounding […] Read more
