At a time when many farm families are struggling, it’s encouraging to hear good news about farm profits. The Star Tribune recently reported that “Agriculture rebounded sharply in Minnesota, but gains weren’t evenly spread.” Although not all farmers reported higher earnings, a number of farmers saw their earnings increase in 2010 thanks to a good growing year compared to 2009’s difficult growing conditions.
As you begin the 2011 planting season and hope for another good year, consider protecting your family by putting together a good estate plan or farm transition plan. You’ll never be sorry to have done some advance business and estate planning. I see far too many people in my practice who own land – extremely valuable land – and have failed to plan for what will happen with that farm as the years go by. Consider consulting an attorney if you haven’t taken this important step yet.