Succession Planning
Should we consider mediation or family meetings to resolve differences during the planning?
Farm succession planning is often an emotional and complex process. When family members are involved, disagreements can arise, whether it’s about who will manage the farm, how assets will be distributed, or the future vision for the business. Resolving these conflicts early and constructively is essential for ensuring a smooth transition. Mediation and family meetings…
Read MoreLance Woodbury of Pinion Global Joins Kindred Advisory Board
We’re thrilled to welcome Mr. Lance Woodbury of Pinion Global to the Kindred advisory board! We met Lance during our time in the Purdue DIAL Ventures program this past Spring. We knew of Lance’s reputation as the “Jerry Maguire of Farm Succession,” so we were beyond grateful for his time & feedback on our fledgling concept. Fast forward a few months: we’re now working…
Read MoreHow do we ensure that the farm will not be contested in probate court?
Ensuring your farm avoids disputes in probate court is a significant step in protecting your family legacy and minimizing potential conflict. Probate court can be time-consuming, costly, and emotionally draining for heirs, especially when there are disagreements over the distribution of assets. Fortunately, there are clear steps you can take to secure your farm’s future…
Read MoreHow will capital gains taxes affect the farm transfer?
Transferring a farm to the next generation is a significant event, both emotionally and financially. One of the key financial considerations during this process is the impact of capital gains taxes. Understanding how these taxes work and planning for them in advance can help farm owners minimize their tax burden and ensure a smooth transition.…
Read MoreShould we create a buy-sell agreement for transferring shares between heirs?
Creating a buy-sell agreement for transferring shares between heirs can be a smart move if you’re looking to manage ownership transitions smoothly and fairly, especially within a family business. When an owner passes away or chooses to step back, having a buy-sell agreement in place can help ensure that shares are transferred according to an…
Read MoreHow do we ensure that our children’s spouses are not involved in ownership disputes?
Ensuring that your children’s spouses are not involved in ownership disputes when passing on a family business or property is a thoughtful step in preserving family harmony and securing the future of your assets. This issue often arises in farm or family business succession planning, where the ownership and management responsibilities shift to the next…
Read MoreWhat legal agreements are necessary to protect family relationships and farm assets?
When it comes to preserving family relationships and protecting farm assets, legal agreements are essential tools for creating a smooth, transparent, and fair path for the future. By putting these agreements in place, farm families can avoid misunderstandings, maintain family unity, and ensure the farm is well-protected for generations. Let’s explore the most crucial legal…
Read MoreWhat Role Will We Play in the Farm Business After the Transfer?
When a farm goes through a transfer process, it’s more than just paperwork—it’s a shift in the responsibilities, roles, and daily life for everyone involved. For many farm owners passing their farm to the next generation, it’s common to wonder what role they will play after the transfer. Will they continue to have a hand…
Read MoreWhat are the legal requirements for transferring ownership to a non-family member?
Transferring farm ownership to a non-family member can be a significant decision that involves several legal steps. Whether it’s a trusted friend, business partner, or another interested party, ensuring the transfer is done correctly is essential for avoiding future complications and protecting the value of your farm. This guide will break down the key legal…
Read MoreWhat Tax Advantages Are Available for Transferring a Farm to the Next Generation?
Transferring a family farm to the next generation is a big decision that often comes with important questions about taxes, succession planning, and how to make the process as smooth as possible. Many families worry about the financial impact of passing on their farm, particularly when it comes to taxes. Fortunately, there are several tax…
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