The principles for farm succession & small business succession planning are pretty much the same, with one caveat... Rarely do I see as much sentimental value put on the multi-generation construction company as the typical family farm.

Another example of "fair" doesn't mean "equal" in farm estate planning. Farm couple w/ 3 kids: 1 on-farm son 2 off-farm daughters Here's their estate plan structure: Daughter #1 → Lake house Daughter #2 → $250k cash Son → Home quarter (160 acres) w/ house, bins, & shop → All farm equipment & machinery All other cash & investments split 3 equal ways Remaining 2,300 Acres → Into a Legacy Land Trust benefiting all 3 kids → Son gets first chance to rent @ 80% FMV → Son can purchase at 80% FMV, but ONLY if all 3 siblings agree If the LLT is ever terminated: → Son inherits specific parcels ~1,150 acres → Daughters inherit specific parcels ~575 acres each → Son first, then daughters have ROFR at 80% FMV if anyone sells The land stays in the trust unless it's terminated. The goal? Keep the farmland together, give the son the assets & opportunity to continue farming, and provide for both daughters. Not equal dollar amounts. But that's not necessarily the goal. Fair doesn't always mean equal.

Might sound crazy to some, but yesterday isn't the first time I've retained a new client who said, "Dad told me if he got a will, then he was sure to die. So he never had one. It was a 2 year long mess when he died. We don't want to do that to our kids."

I toured the USS Midway aircraft carrier in San Diego this weekend. (HIGHLY recommend that museum, btw) The Navy uses a 2,500-yard turning diameter for formations with an aircraft carrier, compared to 800 yards for formations of smaller ships. Of course, that difference in being able to pivot got me thinking about farm businesses. Consider a large, established corn/soybean operation. 5,000 acres. Millions invested in machinery. More millions in grain handling facilities, bins, & other infrastructure. That operation is built to produce corn & soybeans efficiently at scale. Changing direction isn't easy with that much invested in a particular business model. Now consider a younger, smaller farm w/ less invested in specialized infrastructure. It probably can't match the big operation on cost per bushel. But, depending on market trends, it might be more willing & able to pivot into -niche markets -specialty crops -livestock or poultry -direct-to-consumer sales, or take advantage of programs & incentives that don't make sense for the larger operation. Like how a scrappy tech startup can try something new on Monday and scrap it by Friday. That tech giant? Not so easy when billions of dollars and an established business are tied to doing things a certain way. Doesn't mean the startup has the better business. Just means it can turn faster. Of course, the smaller farm has its own limitations. Less clout, less room for mistakes, and fewer acres to spread costs across. Neither business model is necessarily right, wrong, better, or worse. And neither should assume the other's approach will work for them. The key is knowing your operation's strengths & limitations, and figuring out what success looks like for YOUR farm. Not someone else's. You wouldn't try landing an F-14 Tomcat on a patrol boat. And you wouldn't expect an aircraft carrier to turn like a patrol boat. Same ocean. Different ships. Different definitions of success.

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> 2 brothers inherited 568 acres from Dad > Neither farms. Dad retired 8 years ago > No strings attached to the inheritance > But both brothers agreed: "Dad would've wanted to help out a young farmer" > So they're selling the land to the 28-year-old son of the farmer currently farming it. Here are the terms: → 75% of appraised value → $0 down payment → Minimum interest rate allowed by IRS → 30-year amortization → 15 annual payments → Balloon payment at year 15 > They could've sold to the highest bidder > Instead, they're giving a young farmer a chance > Not every landowner is interested in squeezing the last dollar out of every acre.

I think it's a great part-time gig for retired banker types. Or even non-retired, organized, professionals. I agree with Jenny that it's a growing need.

I filled in some of the blanks in this article: cathompsonlaw.com/farm-trans…

Who wants to go halfsies?

Husband & wife have 3 kids. Husband dies. Simple will says “all to spouse.” Wife now owns everything. She meets Frank, falls in love & remarries. Frank has 2 adult kids. They buy $150 online wills to update their estate plan. Both wills say “all to spouse.” Wife dies. Now Frank owns everything. And when Frank dies? Wife’s 3 kids could get nothing. Frank’s 2 kids could get everything. That’s “accidental disinheritance.” And it’s a big estate planning risk for blended families that can be prevented with proper planning.