Farm transitioning is quickly becoming one of the most important topics in agriculture. 70 percent of farming businesses are not making it to the next generation. This is a growing problem throughout the farming community and one that Nationwide Insurance is working to solve through the Land As Your Legacy program. At Paul Hall Insurance, we believe in helping our customers plan for the future and doing so through the Land as Your Legacy program.
Farming and family go together. We want to protect your family heritage and most importantly your farm. The Land as You Legacy is a program to help ensure the seamless transition of your farm or ranch to the next generation.
There are many steps outlined through the Land As Your Legacy planning. We want to help you through all of these steps, and we don’t charge you a dime to do this! Throughout the program we will address the following; succession planning, business planning, risk management, financial independence and estate planning.
Succession Planning
This is the first step and in this step we will discuss the goals and the interests of your operation. We will then address the opportunities and details of how to address the conversation with your family members.
Business Planning
Understanding the climate of the business is key and we will take the time to understand the profitability and health of your operation. We will take that into consideration as we create plan for the future.
Risk Management
In this step we will identify, address and prepare for risks. We will go over the information pertaining to insurance, healthcare and further assistance for you as you age.
Financial Independence
This will be an important step as a discussion with the current generation will be had. This step will determine if you can afford to retire and take the step to transition to the next generation.The current and the next generation will go over the transition agreements and relationship, while the next generation learns the business.
Estate Planning
This is the last step of the planning process. During this step, our goal is to have the plan in place for you and your family. You will need to begin working with an attorney to start the paperwork process. This paperwork will include any documents that you may need such a business documents and beneficiary designations.
Ultimately, our goal is to ensure that your legacy is intact for generations to come. Here is some additional information about the process. If you are interested in learning more about the Land as Your Legacy program, contact us today!