By Paul Schmitt
Finding the right way to keep the family farm going another generation can be challenging.
Farmers should look at a succession plan as being as important as looking ahead to the next planting season, according to Attorney Stacy Vogeltanz of Ross Estate Planning in Sturgeon Bay. Vogeltanz says a farm should be treated like a business.
Vogeltanz says an important conversation to start with family members is to see if any of the siblings have an interest in continuing the farm.
Questions regarding the purchase or inheritance of the family farm estate should be addressed as well. Answers to those and other questions are not required before seeking consultation with an estate planning attorney, according to Vogeltanz.