Recently, some financial institutions have begun imposing their own internal form of “verification” requirement with respect to powers of attorney.
Tag Archives transition planning
Family finds way to work apart but also together
The Stepplers say collaborating to transition the family farm offers better chance of success for everyone
If families can find a way to work together, it can make a world of difference to the profitability and future of their farm — and to their relationships with each other.
How to look at return on investment in transition planning
ROI is a performance measure, expressed as a percentage, and is used to evaluate the efficiency or profitability of an investment. It is useful when comparing the efficiency of a number of different investments.
Navigating agricultural land inheritance’s tax obligations
The inheritance of agricultural land in Canada is a significant concern for farm families who wish to pass down their land and operations to future generations.
Farm planning seems daunting but should not be overlooked
Communication among family members or employer and employees is critical to farm success.
Face the common challenges in early transition planning
On the long list of to-do’s for farm managers and families, transition planning is often near the bottom. This is a common challenge faced by farm families, especially early in the process. Knowing the challenge ahead of time, understanding that you aren’t alone in facing it, and having some tools in your back pocket to […] Read more
How to avoid a ‘family war’ on farm succession
An estate planner says a family conference that includes lawyers can help take the teeth out of farm transition disputes
Glacier FarmMedia – There are countless books, articles and seminars with advice on farm succession but those resources often fall short of addressing how to salvage things when family discussions fall apart. Farmers can take the teeth out of disputes by incorporating a purposeful family conference into the proceedings, farm management adviser John Poyser told […] Read more
Transition planning needs non-farming family members
The non-farming members of a farming family can be a great resource and important contributors to the transition planning process. However, communication and involvement are highly correlated with positive planning experiences for all stakeholders. Early adoption of formal communication can mitigate potential conflict and leverage the contributions from the non-farming members. Non-farming family members have […] Read more
Beach or barn? Depends on the retirement plan
The direction that a farm family’s succession planning takes will often be determined by the retiring parents’ future plans
Fall is usually when the phone starts to ring and farmers want to talk about succession, transition or sale, says Curtis Palichuk, managing partner of Wilde Advisory Group in Vegreville, Alta. When farmers come into the accounting office weary from harvest, they are reminded that the best farm transition and succession is a process that […] Read more
Much to consider when preparing farm’s next generation
In 2023, the Canadian Bar Association reported that $53 billion worth of land is expected to change hands as farmers retire over the next decade. Despite this, 88 per cent of farms lack written succession plans, and by 2033, 40 per cent of Canadian farmers will retire, marking a significant transition in Canadian agriculture. Additionally, […] Read more
