Succession planning for farmers can be difficult and at times stressful, however it is very important. Often different members of a family have varying goals and expectations when it comes to their inheritance. Sometimes planning can seem like a huge task with too many different decisions to be made which risk conflicts and disagreements. This is why succession planning should be discussed early and regularly so that all family members know what is to be expected. Succession involves far more then just transferring assets, it is an evolving process as the current owner winds down and the next generation steps in. This can cause tension within the family among siblings if one child is taking over the farm or with the parents as letting go is not easy. This is why open dialog and constant discussion is so important. Generally, a plan will be put in place now in order to achieve succession at some time in the future. If you are not considering moving assets to the next generation at...