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.
- Have all the documents for the plan been signed? Often times, the prepared documents never get signed by the client.
- Have all the people who will be impacted by your plan been informed and understand your intent?
- 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.
- Will your plan still be effective and efficient if the tax laws change?
- How would a divorce, an extended nursing home stay or the bankruptcy of a child affect your plan?
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.
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