Legacy Planning Partners - Paul Hall & Associates
Whether your farm or ranch has been around for several generations or you’re a first-generation farmer, we’re here to help you plan what happens to your operation after you’re gone. We'll walk you through the process
If You Want A Say In What Happens To Your Farm, You Need A Plan.
It’s your land and you should decide who inherits it. But if you want to ensure your wishes are carried our after you’re gone, then you need a transition plan. It ensures your wishes are honored and minimizes legal difficulties and confusion for your family as your operation transitions to the next generation.
Why Paul Hall & Associates?
As a Land As Your Legacy Certified Consultant, we will be your voice.
We will help you:
• Identify your goals
• Put your goals in writing
• Coordinate all aspects of your plan, including working with accountants, lawyers and being present at your family meetings
• Be the voice to push for the completion of your plan
Nationwide was started for and by farmers. Today 9 of the 15 board members are active farmers. Nationwide believes in agriculture and is determined to help preserve it for generations to come.
Nationwide has developed a complete process called Land As Your Legacy. This includes legal and accounting experts that can be called on for advise.
How Land As Your Legacy Can Help?
Through the Land as Your Legacy program, we can help ensure the seamless transition of your farm or ranch to the next generation.
When you first meet with us, we will walk you through the five key elements of the transition-planning process. You can trust we'll be there to help you navigate the following:
- In this phase, we'll think about what’s in the best interest of your farm or ranch. We'll give you the tools you need to hold a family meeting so you and the next generation can decide who will be running operations in the future.
- We'll examine your operation and evaluate its profitability and health. That way, we can help you determine if the farm can support or grow to support multiple families in the future.
- You need to identify, address and prepare for risks – and we can help. We'll discuss if you should have a plan in place for long-term care expenses, or if supplemental income or insurance is needed by either generation.
- This phase includes a discussion about the current generation. We'll help you determine if you can afford to retire and perhaps transition to a mentoring role for the next generation. In this scenario, the current generation helps transition agreements and relationships, while the new generation learns the intricacies of farm management.
- In this last phase, our goal is to have a fully-formed plan in place for you. That way, you can work effectively with an attorney to create any documents you may need, such as business documents or beneficiary designations.