Farm Transition Part #2: Estate Planning w/Merle Good and Annessa Good - a podcast by Farm Marketer

In this week’s episode, we will be speaking to Annessa Good and Merle Good about “Estate Planning,” in part two of our conversation on Farm Transition.

Did you catch last week’s episode? Part two picks up where we left off last week, so we highly encourage our audience to tune into that episode first and then return here for part two of this conversation.

While the term "Estate Planning" sounds highly technical...don't be fooled. This episode is all about land values and transferring land (and other wealth) from founders to generation two.

In this episode, Tracy, Annessa, and Merle discuss:

• When is the right time to transfer land? Should founders wait until they pass away and leave the land through the will? Spoiler alert…Merle says no and explains why this is not ideal.
• Many founders want to rent the land to the second generation. Merle discusses why this is not ideal at all and offers a more sensible path forward.
• Founders, are you ready to transfer the land but scared to lose control? Merle shares some thoughts on ways to do this so that it becomes a win-win for both generations.
• Are you ready to sell the land to generation two? If so, what is the appropriate way to value the land when charging full market value is not the desired outcome, is not financially viable, and most importantly, is not fair for the farming kid(s) that have invested years of their time and money into the farm.
• They discuss the concept of sweat equity. What is it? Where does it come into the picture? They also discuss an equation for valuing sweat equity and share more on why they encourage “farm kids” to be tracking it.
• Have you heard of heritage equity? This is an intriguing and eye-opening concept and makes a great discussion on who “owns” the equity in the rising land values.
• Merle and Annessa then dive into a conversation about off-farm children and how to make sure they are taken care of.

You DO NOT want to miss part two of this conversation. It is jammed packed with nuggets of wisdom and strategies from Merle and Annessa’s work with Canadian farm families.

 

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