Who Should Inherit the Farm?

Sowards Law Firm

Envision a pair of aging parents that have been farmers their whole lives and own their farm. Now, though, they’re getting on in years and they’re considering moving into a smaller place. One of the daughters and her husband help run the farm, but the rest of the siblings have moved away and they aren’t interested in returning. It’s now time to think about how the farm legacy should be worked out.

The first order of business is to plan the finances so the parents can enjoy a comfortable standard of living in their later years. They may need long-term care in the future, so they should consult an elder-law attorney about how to plan most effectively. If they don’t plan, they could lose the farm later to a lien, to reimburse the government if they end up needing Medicaid assistance.

Elder law attorneys can also advise about how to avoid problems if a parent re-marries after the first one passes. There’s no telling what can happen to the family property when one spouse is left lonely and finds someone else. Sometimes the results are terrible for family harmony.

Next, it’s necessary to allocate the value of the farm among all the children, so that each child is accounted for once the parents pass. This is by no means an easy process. For a transition plan to be successful, a great deal of planning, preparation, and communication is needed.

Here, it’s best to do some research. There are a host of useful publications that can guide the exploration. Kansas State University provides a twelve-step analysis of questions to be answered.

Farm Bureau Financial Services offers several detailed guides covering various aspects of the planning process.

The Beginning Farmers website is loaded with links to farm-succession courses, blogs, toolkits, farm management advice, and cooperative extension assistance in various states.

For real-life success stories, consult the Successful Farming website, here and here.

When you’re ready to start planning for your farm and other valuable property, we’ll be ready to help. Please contact us today at (408) 371-6000 to schedule a free consultation to discuss your legal matters.

Client Reviews

I recently had the pleasure of working with Sowards Law Firm to create my estate plan, and I couldn’t be more satisfied with the experience. My company has a legal help portal where I discovered Sowards Law Firm, and I’m so glad I chose them. From the start, the entire process was incredibly smooth...

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They made it pretty easy for us to set up the legal entity we needed. Everyone we talked to was knowledgeable, professional, and considerate. We had to work around a difficult schedule, and the folks at Sowards made it work.

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Everyone at Sowards Law Firm was extremely kind, helpful, and professional in helping me manage all of the legal work required after my husband passed away. They explained everything clearly, and focused on what would be the best options for me in the future. I’m grateful for their assistance and...

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I have been working with Sowards Law Firm for all my estate needs and their service is impeccable, with the upmost professionalism. They walk you through scenarios in detail so that you can make informed decisions. I highly recommend this team.

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They made it SO EASY! Everything was explained and explored in regards to figuring out how to organize and structure. Very thoughtful and thorough. I will definitely recommend them, and have sent all of my clients their info to get their affairs in order.

Cindy Selleos

I used Sowards for my Estate planning needs. The firm provided excellent advice, and made the process very easy to complete in an expeditious manner. Each person that I interacted with was professional, friendly and competent. I have confidence that this multi-generational law practice is a solid...

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