When passing on your farm operation to the next generation, key questions will often arise concerning control of the farm assets. There are several ways to transfer farm assets, each with its advantages and disadvantages. The following are simple examples of how qualified farmland can be transferred to the next generation, with a focus on […] Read more
Tag Archives succession planning
Keeping busy called key to happy retirement
Retirement didn’t mean idleness for Marv Vassberg, who has rebuilt dozens of old vehicles since he stopped farming
BAWLF, Alta. — The key to enjoying retirement is having something to do, said Marv Vassberg. The retired farmer has spent thousands of hours rebuilding old cars, trucks and tractors, and designing and building blades and scrapers. Years of tinkering and time in the air force, as an electronics technician, gave him the skills to […] Read more
Planning habit worth keeping
The pandemic might have grounded most airplanes, but it has been like jet fuel for some, feeding many trends throughout the economy. An agricultural banker hopes one trend that keeps flying high post-pandemic is farmers’ embrace of strategic thinking. “I hope we come out of this pandemic with more emphasis being put on the importance […] Read more
Farms encouraged to consider setting up joint ventures
A farm’s overall success in the short and long term has a number of factors, chief among them being the blood, sweat, and tears of the men and women who operate them. Many farms are in the middle of or preparing for a transition to the next generation. The legal structure of the farm (proprietorship, […] Read more
Weigh options when writing a will
Any person can be named as a beneficiary but there are obligations to spouses and financial dependents to consider
Planning a will is not something to take lightly, especially when deciding how to allocate assets. Many options must be weighed, like which child gets what and how assets and land should be divided, but for some testators who don’t have large families or children to give their assets to, what are some other options? […] Read more
Power of attorney provides peace of mind
People may reach a point in their life when they are unable to make important decisions. While this can be devastating, it is possible for people to choose who will make those decisions on their behalf before that time comes. Appointing a power of attorney ensures that someone trusted and knowledgeable is making decisions about […] Read more
Probate not something to avoid at all costs
However, a tax lawyer says avoiding probate fees by transferring titles away from the testator before they die is not hard
As the old saying goes, the only things certain in life are death and taxes. But professional help and planning ahead can go a long way in dealing with taxes that must be paid following a death. For Nikki Rudachyk, partner at McKercher LLP in Saskatoon and a member of the Canadian Association of Farm […] Read moreUnderstanding family property law is key to succession
Farm succession planning is complex. The transition of the family farm to the next generation raises several questions, including how you ensure the farm remains in the family. The legacy within a family farm may span several generations. But what happens if along the way a separation or divorce occurs and the family farm is […] Read more
The future is a vital component of farm succession planning
I read some statistics on farm succession planning the other day. It caused me to think about a conference on succession planning I attended in 1999. People and presenters quoted statistics about the average age of the Canadian farmer being about 57, if I remember correctly — something close to that anyway. There was also […] Read more
Clear communication eases farm transition
Many farm families deal with difficult issues by not dealing with them, which means avoiding them until somebody dies
Farm succession plans are sometimes never written because farmers are coping with false ideas and deep emotions. But those factors can be handled with open communication and the right advisers, says farm family dynamics expert Elaine Froese. “We’re not just dealing with numbers and balance sheets,” said the Boissevain, Man., farmer, who has long coached […] Read more
