For example, the accountant can give valuable advice on the tax implications of certain strategies and make suggestions on how best to handle specific transactions. The lawyer can review and provide advice on the legal ramification of various agreements. During this development stage, it should be kept in mind that it is the family's plan. The family will lead the process and make the critical decisions on what they want to have happen. Lastly, the plan must actually be implemented.
Implementation is critical.
The best-laid plans, not implemented, are useless. As the plan is implemented, progress should be monitored and adjustments made if necessary. Of course, in certain situations, the outright sale of the farm business to a third party is a possibility. Hopefully, this gives farm families a clearer picture of the farm succession planning process. This information is provided as a public service, but we cannot guarantee that the information is current or accurate.