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Kennedy Berkley Managing Partner Jim Angell shared insights on farm succession planning in a High Plains Journal article published Friday, November 17.
The article, titled “Planning for the Unexpected,” addresses how attorneys like Jim can help farmers and their families prepare for death or serious illness by managing probate, planning for dividing assets, and investing in long-term care insurance policies.
In the article, Jim describes how avoiding probate – the legal process of validating the will and distributing the assets of a deceased person – can dramatically cut court costs and attorney fees for farmers’ families who are grappling with both the loss of their loved one and the uncertainty of carrying on the family business without them.
Jim highlighted the pitfalls of dividing assets equally among a farmer’s descendants, noting that the farming children and non-farming children in a family will have different plans for how to use the land and other farm assets.
Farmers and ranchers can also minimize the financial impacts of illness or nursing home stays by investing in a long-term care insurance policy, which allows farmers to receive medical care without needing to sell land or livestock from the family farm to cover expenses.
Jim represents individuals and businesses in agribusiness and trust and estate matters, with clients ranging from family farms to commercial operations. With his trusts and estate practice, Jim advises high-net-worth individuals, farmers, and ranchers on estate, tax, and succession planning, ensuring their legacies and assets are protected.
High Plains Journal is a publisher of agricultural news, information, and analysis for farmers, ranchers, and agribusiness professionals across the High Plains region. For 75 years, High Plains Journal has delivered trusted news and insights that help its readers make informed decisions in the ever-changing world of agriculture.
Read more at https://hpj.com/2023/11/17/planning-for-the-unexpected/.