Newspaper Article

Stories of farm business transitions and estate planning; County of Wetaskiwin co-sponsoring workshop on estate planning

Horner, Dave

2017

Overview

[...]there's the outfit where none of the kids want to farm leaving Mom and Dad looking forward to proceeds less tax from an auction sale, and land rents as a source among other sources for their retirement income. In all three situations, there are farm financial risks but not without solutions to protect against them and the land's value, to protect any money that might be socked away in a GIC, the future of the farm itself, and its'protection against huge tax bills at the end of the day. Every year, the Alberta government's Ag farm finance advisors talk about business plans, farm income and the need for managing expenses; they conduct seminars and planning sessions to talk about finances and succession planning; and they inevitably offer their services that excludes anything having to do with financial instruments designed to protect families, their farm and capital. In a recent article written by an Alberta Ag finance advisor, the author talked about the need to manage personal farm expenses, future financial needs and wants, and a need for planning personal income. Of the steps the author offers in terms of dealing with tight cash flow, including continued borrowing against the net...

• Publisher: Postmedia Network Inc
• Subject: Advisors / Business plans / Debt management / Estate planning / Farms / Life insurance / Lines of credit