We can have so many distractions and pressing problems in our daily lives that we often forget to look at the bigger picture.

This winter, make a concentrated effort to set aside time to make long-term plans. For those of you who are entering an age range where slowing down is becoming more of a reality, now is time to create a vision of how you want “slowing down” to look. Below are a few tips and questions on this subject:

1. This may seem obvious, but become more comfortable as a family to have conversations about what it is like to retire or slow down.

Last month, I had a conversation with a farm family about “slowing down” next year and focusing on transition. The discussion had me thinking that planners, attorneys or other professionals often focus on what comes after death (to the farming business) and the documents it takes to achieve those goals.

An area of concern that is often overlooked or ignored is retirement itself. Many farmers never fully retire or quit because they have been involved in the family farming operation for their entire lives.

As much as we would like to, aging is not something we can avoid. It is important to consider both your specific retirement needs and the impact on the farm operation and potential successors.

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There are many legal issues to consider. The winter months are a good time to hunker down and start the conversation with family and trusted advisers.

2. Don’t bite off more than you can chew.

Rather than being overwhelmed by the process of planning for slowing down, take a practical approach. Identify at least three areas to address this winter. In the context of slowing down, those questions might include:

The solution? Plan to set aside enough income to deal with the cost of major illnesses and accompanying health insurance.

How will I fund long-term care if my spouse or I need it? A common question on this topic is what is the best time to investigate purchasing a long-term care insurance policy?

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Many industry experts recommend starting a discussion with your insurance provider sometime in your 40s or 50s. This is largely due to health concerns and costs. Remember, some companies now offer a rider on your life insurance policy to supplement your income later in life.

As with long-term care policies, the most advantageous time to explore your options is when your health is good. With a number of “new” types of life insurance products or riders created for daily living expenses, it is important to investigate these options.

3. What is a fair price for your farming business?

Determining the actual value of your farming business is important in transitioning management or ownership during your life.

So where do you start? The simple answer is to ask your team of professionals: your accountant or CPA, risk-management expert or insurance agent, and your farm lender. Your attorney can work with your other advisers to draft a fair and straightforward agreement.

A business valuation also could be helpful. You will need to gather recent tax returns and a net worth statement and talk to your advisers about your goals.

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At the end of the day, a buy-sell agreement reduces the anxiety both the older and younger generations may feel about what happens in the event of a tragedy or when Mom and Dad are ready to retire. Or, what happens if a business owner divorces or decides to leave the business for another opportunity.

A well-drafted agreement helps minimize business disruptions and other life changes. These agreements provide peace of mind.