Your Family and Farm's Future Matters
Succession planning for farmers and ranchers is complicated, but crucial. You've worked hard to provide for and protect your family and the land you love for years. Continue caring for them even after you're out of the daily operations by establishing a clear, comprehensive succession plan that was designed specifically for your family.
The Farm Succession Planning Process
We understand that transitioning the family farm is not a simple, overnight project. It has taken years, most likely decades, to achieve the level of success you have. It can be overwhelming to consider the steps, emotionally and logistically, it will take to transitioning your land, equipment and resources to your loved ones. But putting a plan in place protects the future of your family and your farm, and allows you to think about the legacy you've created with pride. Throughout the process, our team is available to help you:
- Identify your own needs and goals
- Identify potential heirs and what their commitment could look like
- Develop a financial strategy that benefits owners and successors
- Communicating with loved ones and successors throughout the process
Identify your own needs and goals
As you think about the future, one of the most important things to clarify is what you want your own future to look like. To help you identify your goals or needs, consider asking yourself questions like:
- How important is it that the business continues, and in what way?
- Are you ready to begin the transition process, or is it something you know you need to consider but are weary of?
- Are the owner and successor(s) visions for the future aligned?
- How will you communicate the changes to your family and successor(s)?
Identifying Heirs for Farm Succession Planning
Every farm is different, from the soil and crops to the families that run things. Some situations are more straightforward than others, but all situations are deeply personal and complex. We understand that you may not have a clear path for transitioning out of the day-to-day. Our team can help you evaluate the options that are available to you and your family.
- Passing on your farm to a single heir
- Succession planning when multiple heirs are involved
- Transition planning when there is no clear successor in place
- Transitioning your farm as gradually as you desire
Financial Strategy for Farm Succession Planning
We understand and appreciate the hard work that you've put in up to this point, and are willing to put in the work to help make transitioning to the next generation as seamless as possible. Our team has a unique set of skills and knowledge that combines life on the farm with expertise in trust and estate administration, business formation, tax planning and more. Together, we can help you develop a plan that:
- Efficiently funds your retirement
- Helps ensure the financial success of your farm
- Minimizes tax burdens
- Legally protects your estate and business
- Ensures the smooth transition of business assets
Communicating Plans with Loved Ones and Successors
As your family evolves and plans are made, it's important to communicate the plan to the loved ones it affects. These conversations can be hard, but ensuring all parties have a clear understanding can provide headaches down the road. Our team can:
- Provide a neutral means of communication to all affected parties
- Help ensure clear and productive communication between family members, loved ones and successors
- Communicate the agreed upon plan in a professional way that is clear and easy to understand
BTC Bank Farm Transition Planning
We want to help you protect your legacy and provide peace of mind for your loved ones now and into the future. Our team is here to be a helping hand through one of life's bigger challenges. When you work with our Farm Succession Planning team, you can count on our team being honest, transparent, considerate and thoughtful. We will guide you and your family through every step to ensure that your farm keeps farming for years to come.
Meet Johnathan Meyer, Trust Officer and General Counsel
Johnathan L. Meyer received a Bachelor of Science, Magna Cum Laude in Accounting from Northwest Missouri State University and a Juris Doctor in Law (J.D.) and Masters of Law in Taxation (LLM) from the University of Missouri at Kansas City School of Law. Johnathan has over 25 years of experience in estate planning and administration, probate, trust drafting and administration, business formation, and tax planning and filing. Having worked in major metropolitan areas, while being born and raised on a farm in Northwest Missouri, Johnathan is in the unique position of having complex practical experience with an appreciation of small-town/rural community living.
Get to know Johnathan by giving him a call at 660-425-7285, or by email at trustservices@btcbank.bank, and learn how he can be of service to you.
For over 100 years, we’ve been proud to support farmers through the most profitable seasons and the toughest challenges. As Missouri's #1 Ag bank, we're here to serve our local farmers and agribusinesses throughout the region.
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