Helpful information for Oklahomans from wheat fields to city streets.
It’s important to have a farm transition plan in place. To prepare for the unexpected, and as you consider hanging up the boots and retiring. If you’re getting ready to retire or looking to, consider these steps when getting started 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 that have life insurance wish they had purchased it earlier in life.
Life insurance can help your family in the event of the unexpected. It leaves them more equipped to take care of themselves without you providing for them.
Start discussions on how to transition assets and property over to the next generation. Remember, it’s critical to take some time to evaluate all assets and sources of income and to establish goals. To help, think about some of these questions:
With these questions in mind, you can 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 and become the owner. Choosing the right person to take over the farm or ranch, finances and additional assets is a momentous task, but a critical one. There are many approaches that farmers and ranchers take when deciding who their successor will be and how to divide up assets.
Now that goals have been established, along with who is taking over the finances, responsibilities and the assets, it’s time to start thinking strategically about how to transition these assets. There are many ways, but the two most common are giving the assets as gifts or transferring them through a will.
With either approach, think about consulting with legal, tax and insurance professionals. Whether transferring assets through a will, by gifting, or through some other means, it’s important to understand the potential benefits and drawbacks of each 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.