For many farm families, succession and estate planning is one of the most important things they can do to secure their future—and one of the most daunting.
Planning raises questions about family, operational management, ownership, finances, and retirement. And often, answering one question uncovers more.
But planning doesn’t mean figuring out everything at once. Or figuring it out alone.
Good planning starts with a team that helps create clarity, not complexity. Depending on your family's goals and needs, AgCountry can help bring together expertise from areas such as legal, tax, insurance, financial, and lending, said Aaron Sletten with the Association’s Succession & Retirement team.
Sletten recalled a conversation at an AgFocus event. A family approached with a common challenge: How do you transition an operation you’ve spent a lifetime building to the next generation while also preserving family relationships?
“That turned into a collaborative effort across our organization,” he said. “Their financial officer worked closely with the family to evaluate finances and operational considerations. Our Succession & Retirement team helped facilitate conversations, advising and directing the development of a long-term plan. Our specialists in tax and accounting provided additional expertise.”
The planning process required time, patience, and difficult conversations. And today it is becoming reality.
"What began as a single conversation grew into a transition plan and a lot stronger family communications.
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Questions to help you get started with succession and retirement planning
Throughout the planning process, you are in control, determining what matters most. Your team’s job is to help identify what needs attention now and what can wait, provide the options and expertise for informed decision-making, and make difficult conversations more manageable.
A few important questions can help you get started:
What do we want the future of our operation to look like?
This isn’t about deciding who owns what or when something changes. This is a conversation about the outcome you are trying to achieve, for your operation and the people involved.
Who should be part of the conversation?
Consider who needs a voice in the discussion now and who may need to be involved as the plan develops.
What would make a transition successful for both generations?
The needs of someone stepping back and someone stepping forward may be different. Understanding both can help create options that support the family and the operation.
Where would greater clarity help us make decisions today?
Uncertainty about future ownership, leadership, or retirement can affect decisions happening right now. Identifying those areas can help keep the operation moving forward.
Who can help us work through what we don’t know?
You aren’t expected to be an expert in every financial, legal, tax, insurance, or business consideration. Knowing when to bring in the right expertise is part of good planning.
You may not answer every question today. You may change some answers as the operation, family, or circumstances change. That’s to be expected.
The goal is progress, not perfection. Our Succession & Retirement officers can guide your family, step by step, tailoring services and support to your specific needs and goals.
Estate, Succession & Retirement Planning
- Estate planning (wills, trusts, power of attorney)
- Entities (build new or review existing)
- Transition & Retirement planning (mediation, tax benefits, etc.)
