Contents

• Introduction
  • Succession - What is it?
• The Family Farm Transfer Process
  • Assistance From Experts/Professionals
• Major Players
  • Farm Management Advisor
  • Lawyer
  • Accountant
  • Personal Financial Planner
• Family Farm Transfer Process
  • Stage One - Collecting the Information
  • Stage Two: Making Preliminary Decisions
  • Stage Three - Developing the Plan
  • Stage Four - Deciding on the Plan
  • Stage Five - The Transfer: Implementing The Plan
• Stage One - Collecting The Information/Presenting the Options
  • The Data Collection
  • The Issues/The Critical Questions
    1. Retirement Needs
    2. Fairness
    3. Tax Laws
    4. Farm Integrity
    5. Business Arrangements
    6. Net Worth
    7. Legislative Constraints
    8. Record Keeping
    9. Family Goodwill
  • The Oral and Written Recommendations and Options
• Stage Two - Preliminary Decisions
  • Do They Know?
  • Consensus
  • Talking It Over With The Family
• Stage Three - Developing the Plan
• Stage Four - Deciding on the Plan
  • Deciding What The Plan Contains
  • Evaluating The Plan
• Stage Five - The Transfer - Implementing The Plan
• The Human Side of the Transfer
  • The Barriers
• The Decisions
  • Pitfalls to Decision Making
  • Decision Making
• Determining The Stage In The Transfer Process
• Methods of Succession Planning
  • The Succession Planning Compromise
  • The Tools in Succession Planning
    • The Will
    • Joint Tenancy
    • Corporations, Partnerships and Trusts
    • Gifting or Selling the Farm to Children
    • Selling the Farm to Others
    • Life Insurance
• Taxation at Death
  • Rights and Things
  • No Alternative Minimum Tax On Death
  • Donations in Year of Death
  • Transfer to Spouse
• Overcoming Barriers Through Ownership Agreements
  • The Reluctant Retiree
  • The Departing Spouse
  • Its Not My Job!
  • It's Too Late
  • Left Hand/Right Hand
  • All For One
  • Who's the Boss?
  • The Trusted Advisor
  • Going, Going, Gone
  • Ink Blots
• Conclusion
• Additional Internet Links
• Critical Issues Checklist At A Glance
  • The Farm Transfer Process
  • Methods of Succession Planning
  • Tools in Succession Planning
  • Taxation At Death

Appendix

• Checklist at a Glance: Succession and Transfer Planning
• Retirement Reality Guage
• Adult Child Partnership Test
• Parent Partnership Test
• Inheritance Request Checklist: Home
• Inheritance Request Checklist: Non-Farm Items
• Inheritance Request Checklist: Farm Business
• Farm/Location/Money Checklist
• What Are Our Farm and Family Goals
• The Critical Questions: Keeping the Farm Intact
• Summary of Farm and Family Data
• Becoming Familiar With Estate Planning Tools
• The Farm Transfer: Talking and Planning With Your Family
• Fair Versus Equal: What Do Parents Owe Their Children (PDF)
• Wasney/Hastings Farm Transfer Values/Goals Questionnaire
• Farm Family Business Meetings
• Stress Management for Farmers
• IT-349R2 - Income Tax Act: Intergenerational Transfer of Farm Property on Death
• IT-234 - Income Tax Act: Income of Deceased Persons - Farm Crops
• Interpretation Bulleting: Payments Made by a Trust for the Benefit of a Minor Beneficiary
• Taxation Series: Tax Consequences at Birth
• 60 Questions for Farm Transfer (PDF)
• Legal Questionnaire (PDF)
• Our Farm Transfer at a Glance: What Did We Decide?