Keep Your Farm in the Family When You Plan for Your Missouri Farm’s Future With Haden & Colbert

It’s Never Too Early to Think About What Is Best for Your Loved Ones. Let Our Missouri Agricultural Lawyers Take You Step-By-Step While Ensuring Your Family Farm Continues

Farmers in Missouri know how task-heavy the agricultural industry can be more than anybody else. Between livestock management, land leases, boundary disputes, and agricultural compliance, there are many reasons to have an attorney ready for major events. Most important of all is your agricultural estate succession plan, especially if you are certain about passing the farm down to family members. If you don’t set these guidelines now, it can be difficult for your intended heirs to receive their agricultural property and transfer ownership without legal speedbumps. Making an estate plan with an agricultural attorney in Missouri will prevent transfer fees, taxes, government interference, and more from interrupting the order of succession. A farmer’s patience is needed for the journey that is preparing your agricultural property and assets for the future. 

Move ahead with the gifted lawyers at Haden & Colbert. Our agribusiness attorneys have not only pursued years of education and practice, but also have personal backgrounds in Missouri farming. Continue along and learn what is possible for the upcoming generations of your family farm.

Starting the conversation about agricultural estate succession with your family in Missouri

The discussion about your family farm’s future rarely begins naturally. You need to make a conscious decision to schedule a time where everybody included in the agricultural estate plan can hear your wishes. Set an ideal date for when you plan to retire and tell your family what goals you want to achieve by then. Get an accurate read on how each family member is feeling and be engaged by allowing open dialogue. If you’re determined to keep your Missouri farm operating, and even more determined to make sure your children and remaining family members carry on the tradition, it is necessary to hire an agricultural estate attorney for guidance. They will not only help organize new farm management and assets, but also act in your defense if other parties come into play. With your agricultural estate plan sealed tight, you can minimize tax liabilities, ensure your heirs maintain control over the property, and more. Even if you have successors who won’t be working on your farm in Missouri, they should be a part of the conversation before you contact an agricultural law firm. 

What will be divided from the farm when planning with a Missouri estate attorney?

The majority of agricultural estate planning is separating features like land, equipment, ownership, and more between people chosen by the farmer–this could be their children, their spouses, siblings, or anybody else. Without the presence of a legal representative, it is common for family conflicts to arise from miscommunication and strong emotions. However, when you appoint a sharp, experienced attorney who knows Missouri’s agricultural scope, they can help in leading all your farming and non-farming heirs to a reasonable agreement. People become twilight farmers by waiting until it’s too late to draft a plan, leaving their farm’s legacy in question because nobody is taking their place. Learn more about how agricultural attorneys in Missouri help divide different assets in an estate for local farmers and their families.   

#1: Separating the Missouri farm itself

Farms take up a lot of space to run; even a smaller business can reach up to 50 acres of land. This is one of the first things your agricultural estate attorney will help divide amongst the family, and there are many varying paths you can choose. Sometimes, it can be difficult for everyone to agree on a future in which one heir manages all of the farmland. Instead, the land can be split into portions while specifying which family members will own these areas. The portions can all contribute to one farm, or you can choose to let each heir start their own, smaller farm with the Missouri land they’re given.   

#2: Determine heirs to receive your farming & non-farming assets

Next, you will be passing your farming assets, like equipment, livestock, and real estate to the heirs you decide should keep them. For your non-farming children, they can still receive assets such as money, retirement accounts, insurance, and more. These choices should be made thoughtfully, keeping in mind that a successful farm in Missouri requires hard work, investment, and time. Once you’ve determined who receives your most vital assets, make sure your plan is protected with a lawyer you can trust. 

#3: Safeguard the assets of your agricultural estate in Missouri

Outside entities, including government interference, can introduce dilemmas to your Missouri family farm. Thankfully, multiple secure methods exist for the protection of your life’s work. The first way is by establishing an asset protection trust and tactfully gifting farm assets to lower your federal estate tax liability. An agricultural estate attorney can also direct you to more estate tax exemptions and deductions to lighten the load for your heirs. Obtaining a conservation easement will also make a difference, specifying that your farmland in Missouri needs to be preserved and continuously used for agricultural purposes. Every family has specific needs that can’t be applied to all, and a lawyer’s job is to assist you in creating an agreement that is fair and logical.

At Haden & Colbert, We Will Make Sure Everyone Is On the Same Page & Draft Your Agricultural Estate Plan. Reach Out for a Consultation With Our Missouri Farm Lawyers

The future may seem far away, but it is more important now than ever to start prioritizing your family farm. Whether you’re uncertain about your agriculture in Missouri or seeking legal service to mediate between different parties, farmers can turn to Haden & Colbert. Give us a call or schedule your first meeting with an agricultural estate attorney.