The process of estate planning is often a
difficult topic to bring into the arena of family discussion. The topic invokes
personal feelings, emotions and different points of view. If you add to the
personal area other complications such as financial concerns, complex taxation
rules and legal procedures, is it any wonder estate planning is often viewed as
a prickly topic to be avoided!
To assist farm families with the initial step, Estate Planning Checklist for Farm Families . . . approaching the Porcupine, has been written. This publication brings together information from farm families, accountants and farm management specialists who have worked with farm families specifically in this area. They cooperated in this effort to provide a simple easy-to-follow format. The book provides a straight forward checklist of the points necessary for consideration in an estate plan.
It deals very little with tax and legal matters but instead looks at the needs of the families involved in terms of control and security. Issues tackled include where the parents will live and how will we treat all the children fairly.
The publication is divided into two processes - the family farm transfer and subsequent options available to plan for the future. The family farm transfer process is divided into four steps: collecting data reviewing critical issues setting goals becoming familiar with estate planning tools.
The vital key in successfully completing this process is communication. The process may take several years to accomplish however, with good communication, the porcupines will be minimal.
Estate Planning for the BC Farmer
Estate planning should be looked on as an ongoing process. Too often estate
planning is construed as a once in a lifetime situation either when you sell or
when you die. The following ongoing considerations can make the business side of
your farm run a little smoother throughout your lifetime.
