October 2023 - 18

BUSINESS
estate taxes cannot be eliminated,
what is the most efficient method of
paying those taxes?
Questions such as these are
important and should be discussed
with your financial planner, tax
accountant and/or attorney.
Written farm
succession plan
In our experience, a plan not in
writing is a wish, not a plan. But
an effective farm succession plan
means more than just who will own
the operation and when.
On the people level, is the next
generation prepared to lead?
Are mom and dad empowering
the next generation of leaders in
the family? Have you identified
weaknesses in management,
operational or relational skills in
your future leaders? If so, how are
you providing training to master the
necessary skills?
Does the family have open and
honest communication between
IN OUR EXPERIENCE, A PLAN NOT IN WRITING
IS A WISH, NOT A PLAN. BUT AN EFFECTIVE FARM
SUCCESSION PLAN MEANS MORE THAN JUST WHO
WILL OWN THE OPERATION AND WHEN.
active and inactive members, and
do they trust one another? Do
all members of the family - and
their spouses - understand what
the plan is? If not, will the lack
of communication cause conflict
within your family?
These issues should be addressed
before transferring control and
ownership to the next generation.
The process may be more
far-reaching than you expected.
Some of the topics are foreign
to many farm families (such as
the financial independence and
wealth management portions),
and the best results may come
from a team effort. Your CPA and
attorney may play valuable roles
in this process; however, you may
benefit from having a " quarterback "
with specialized expertise. The
quarterback takes direction from
the coach (mom and dad) and helps
to implement the game plan.
In our next article, we will
address why every operation needs
two succession plans for complete
financial security.
Jeffrey DeWald and Michael Cohen
are registered representatives of
and offer securities and advisory
services through Lincoln Financial
Advisors Corp., a broker-dealer
(member SIPC) and registered
investment advisor. This information
should not be construed as legal or
tax advice. You may want to consult
a legal or tax advisor regarding this
information as it relates to your
personal circumstances. CRN5727541-060723
Michael
Cohen can be reached by
email at Michael.Cohen@lfg.com.
Jeffrey DeWald can be reached
by email at Jeff.DeWald@lfg.com.
For more information, visit www.
agsuccession.com.
18 | OCTOBER 2023

http://waflernursery.com

October 2023

Table of Contents for the Digital Edition of October 2023

Editor's Letter
Feature: Answering the Call
Cover Story: Deterring Wildlife
Business: Effective succession planning
Great Lakes EXPO News: Advancing crop management
AgTech: Drone prep
Plant & Soil Health: Biotic vs. abiotic
Farm Market & Agritourism: Know your customers
Ag Labor Review: California court gets it right
Classifieds
Advertiser Index
October 2023 - 1
October 2023 - 2
October 2023 - 3
October 2023 - Editor's Letter
October 2023 - 5
October 2023 - Feature: Answering the Call
October 2023 - 7
October 2023 - 8
October 2023 - 9
October 2023 - Cover Story: Deterring Wildlife
October 2023 - 11
October 2023 - 12
October 2023 - 13
October 2023 - 14
October 2023 - 15
October 2023 - Business: Effective succession planning
October 2023 - 17
October 2023 - 18
October 2023 - 19
October 2023 - Great Lakes EXPO News: Advancing crop management
October 2023 - 21
October 2023 - AgTech: Drone prep
October 2023 - 23
October 2023 - 24
October 2023 - 25
October 2023 - Plant & Soil Health: Biotic vs. abiotic
October 2023 - 27
October 2023 - 28
October 2023 - 29
October 2023 - Farm Market & Agritourism: Know your customers
October 2023 - 31
October 2023 - Ag Labor Review: California court gets it right
October 2023 - 33
October 2023 - Classifieds
October 2023 - Advertiser Index
October 2023 - 36
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