Transferring the farm: First focus on the 'what': Extension News
ST. PAUL -- Many farm families struggle with where to begin when transferring their farm business to the next generation. Many start by focusing on the "how" of the process: Should we use a will or a trust? Do we need to form a corporation or is a partnership good enough? Should we transfer our land now to protect it from long-term care costs? What happens if our farm heir ends up in a divorce?
However, the key is not focusing on the "how," but rather on the "what" of the process.
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