Plan for your farm's financial future with farm estate planning
We believe farm estate planning is an essential part of your farming operation. You’ve dedicated your life to the success of your farm, so it just makes sense to make proper plans for the orderly transfer of your farm assets.
Farm estate planning objectives include:
- keeping the farm intact
- securing a comfortable retirement
- passing your operation on to your heirs
- minimizing taxes, estate fees and transfer costs
Farm estate planning is important to all generations
Farming today is a business. The Income Tax Act provides options to minimize taxation for farmers who want to pass their farm down to the next generation. The Co-operators can help you make sense of these tax provisions and create a solid plan for the future.
Your Co-operators agent will work with your legal and accounting advisors to prepare a farm estate plan that will protect your farm and your family. Working with your local Co-operators agent will allow you to:
- discuss farm transfer options with your heirs
- review your existing estate planning tools such as your will, power of attorney, and personal health-care directives
- estimate the government’s share of your estate to give you time to prepare for the future tax liability
- minimize disputes between farming and non-farming heirs over division of property to avoid selling the entire farm
Secure your retirement and the future of your life’s hard work by contacting your local Co-operators agent and asking about farm estate planning.