You've dedicated your life to the success of your farm, so it's important to make proper plans for the orderly transfer of your farm assets. Like any business, the goals of farm estate planning include:

• Keeping the farm intact
• Securing a comfortable retirement
• Passing the farm on to the next generation
• Minimizing tax and estate settlement costs

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Working with a Co-operators agent will allow you to:

• Review existing estate planning tools (Will, Power of Attorney, personal healthcare directives) to see if they meet your present needs
• Estimate estate taxes and plan for future tax liability to protect the family farm
• Discuss farm transfer options with your heirs
• Minimize the potential of a financial dispute between farming and non-farming heirs to avoid selling the entire farm

For your financial plan to be successfully, you must set and prioritize your goals, initiate a plan, review and update the plan regularly.

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Specialized life insurance helps to prevent the possible sale of the family farm by providing funds for:

• Financial equalization between farming and non-farming heirs
• Buy and sell agreements between heirs
• Estate taxes payable to the government

The hazards are the same in any business plan: inflation, retirement, disability, death, or catastrophe. But don't forget - these are the very reasons you have insurance.

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