The hardest part of legacy planning is to start. None of us likes to think about our death. We always believe that we have plenty of time. But many of us are wrong.
As you may know, I'm based in St. Paul. For the past few days, the media has been filled with memories of the singer-songwriter Prince who died April 21 at age 57. I'm reminded again that too many of us are caught unprepared when the end comes.
In farm business and legacy planning, too many transitions come as a surprise and without a plan. Every transition works better for everybody if there is a plan in place.
Let the untimely death of Prince be your trigger to begin your legacy plan. I suggest the senior generation starts with these questions:
1. What do you want for your farm business? What do you not want?
2. What do you want for your family? What do you not want?
3. What do you want for you? What do you not want?
4. What do you want from your retirement years? What do you not want?
Sometimes, these questions are better answered with the help of a trusted advisor. Think of the people you know well, like and in whose judgment you have confidence. It might be time to buy them lunch and have a chat.
If this blog has got you thinking about your own situation, get in touch with my office (email@example.com).
The opinions of the author are not necessarily those of Farm Futures or Penton Agriculture.