Top Crop Manager

Misconceptions about farm transition planning

October 17, 2017  By Top Crop Manager

Heather Watson, the executive director of Farm Management Canada, says there are unfortunately a lot of misconceptions about farm transition planning, making it difficult for many farms to start the conversation.
She says some of the biggest ones include:

  •  It is a one-time event in the life of a farm business
  •  It will just happen naturally if you do nothing
  •  “One day, it’ll all be yours” – it’s a waiting game
  •  All you need is your lawyer or accountant – it’s just about tax savings
  •  It means the end of farming for the current generation
  •  Equal is fair
  •  It only applies to large farm businesses
  •  It only happens between fathers and sons
  •  It’s too early to start planning now

Watson says families need to remember they are not alone, they are in control and there is plenty of help out there.



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