Helpful information for Oklahomans from wheat fields to city streets.
As you consider hanging up the boots and retiring, it’s important to have a farm transition plan in place. If you’re planning to retire or simply want to be prepared, consider these steps when starting on a farm transition plan.
Even if you don’t believe an extensive farm transition plan is necessary, consider purchasing life insurance. According to the 2020 Insurance Barometer study, 40% of people who have life insurance wish they had purchased it earlier in life.
Life insurance can help your family in the event of the unexpected, leaving them more equipped to take care of themselves.
Begin discussing how to transition assets and property over to the next generation. Also, take some time to evaluate all assets, sources of income and establishing goals. To help, start with thinking about some of these questions:
With these questions in mind, start to establish some goals for transitioning over these important assets.
One of the most difficult topics to discuss is who will take over your farm or ranch. Choosing the right person to take over the business, finances and additional assets is a monumental and critical task. Additionally, there are many approaches you can take when deciding a successor and how to divide up assets.
Now that goals are set, along with who is taking over the finances, responsibilities and the assets, it’s time to think strategically about how to transition these assets. There are many approaches, but the two most common are giving the assets as gifts or transferring them through a will.
With either approach, consider consulting with legal, tax and insurance professionals. It’s important to understand the potential benefits and drawbacks through transferring assets through either approach.
Planning to transition your life’s work can feel like a daunting task. At Oklahoma Farm Bureau Insurance, our agents are here to help you navigate all the intricacies. Consult with your local OKFB Insurance Agent to help you create a farm transition plan.
The information on this website is not a contract, as it is provided for general information to explain potential types of insurance coverages. Further, descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. Please read actual policy documents for important details on coverages, exclusions, limits, conditions, and terms. If there is any conflict between the summary and/or information on this website versus the policy documents, the policy documents shall control. Please contact an Oklahoma Farm Bureau Mutual Insurance Company (OFBMIC) Agent to learn more about insurance coverages offered by and through OFBMIC.
Life insurance and annuity products are offered through Farm Bureau Life Insurance Company/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY.