Protecting the Family Farm

Succession Planning in Saginaw and the Surrounding Area

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Farming is not simply a way to make a living, it’s a way of life. Given that your farm is likely your most valuable asset as well as the place you call home, you need a plan to protect your operation, your way of life, your family and future generations. This is true whether your ultimate goal is transferring a healthy operation to the next generation, determining how to best divide farm assets, or selling the farm outright to a third party.

We, at the Law Office of Jerry Reif, understand the unique challenges facing farmers today. The average age of a farmer today in the United States is 58, fifty percent of them do not have an Estate Plan and ninety percent do not have a Succession Plan.

Planning a Journey for a Successful Succession

Succession planning and Estate Planning are different but they must complement one another to achieve the best results.

We believe that succession is a journey, not a destination – one guided by the following principles:

• People matter most. We strive to maintain family harmony and foster relationships between family members based on trust and understanding.
• The succession process should begin as early as possible and include every member of the family.
• The process must ensure a viable operation, a secure income for the parents and farming siblings and the opportunity for the non-farming siblings to pursue their own interests if they wish.
• Assets should be distributed fairly which may not be equal.
• Steps should be taken to prepare for life’s uncertainties – disagreements, disability, divorce and death.
• The succession process should be flexible but all formal agreements, such as a buy-sell agreement, must be precise and clearly written for all to understand.

As Henry Ford once said, “Coming together is a beginning, keeping together is progress, working together is success.”