Boy in Cornfield

Farm Succession Plan Checklist

Succession planning is a work in progress and your strategy should be reviewed often.

To ensure your legacy and the longevity of your farm, LSB Financial Services recommends reviewing your plan every five years.

Here is a quick list of questions to review.

  1. Have all the documents for the plan been signed? Often times, the prepared documents never get signed by the client.
  2. Have all the people who will be impacted by your plan been informed and understand your intent?
  3. Have you taken your plan for a test run? We recommend crunching the numbers to determine if your plan is actually financially feasible for the next generation.
  4. Will your plan still be effective and efficient if the tax laws change?
  5. How would a divorce, an extended nursing home stay or the bankruptcy of a child affect your plan?
  6. Does your plan minimize estate distribution costs? 

If you answered no or are uncertain about any of these questions, we encourage you to reach out to an experienced financial planner. Our team at LSB Financial Services is happy to speak with you and answer any questions you might have.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AL, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, LA, MD, MI, MN, MO, MS, NE, NJ, NY, OH, OR, PA, SD, TN, TX, VA, WI, WY.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Lincoln Savings Bank and LSB Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using LSB Wealth Management, and may also be employees of Lincoln Savings Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Lincoln Savings Bank or LSB Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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