Farmers and ranchers are no different than the general population when it comes to retirement and estate planning. Lack of planning costs money, lifestyle changes, physical loss, emotional loss and even a lost legacy. Christy Couch Lee shares what is now happening to her family because of this.
Source: Hereford World, March 2017, page 118.
There are ways we could have prevented the situation. Easy ways that would have involved a lawyer drawing up some paperwork, and my dad and us signing on the lines.
INSIGHTS: This topic is not for everybody. But if you’re a rep and have a very strong relationship with a customer you know doesn’t have an estate or succession plan, tactfully bringing up this subject might be the best value you can add to that relationship. Sometimes, a perspective from outside the family spurs action.