Succession Planning 

Why is it Important to have a transition plan for your farm or ranch?

Farmers and ranchers have unique assets such as land, livestock, or equipment which may be difficult to divide evenly among heirs. A Land As Your Legacy® transition plan will help you set up an orderly transition of ownership and manage your financial assets.

How do I get started on a transition plan?

Work with a Land As Your Legacy advisor who will walk you through the steps of the transition planning process. Watch this video to learn more: 

Land As Your Legacy video 

Step One – Fact Gathering

Collect your facts

Your Land As Your Legacy advisor will ask you to bring some important documents, such as tax returns, bank statements, wills, etc, to your initial meeting and he/she will help you answer some basic questions. All of this information will help you determine whether or not you have any gaps in your plan and decide on next steps for you. Use the checklist below as a guide.

Transition Checklist

Have a family conversation

Once you’ve reviewed your current status, talk to your family about your goals and concerns. This is often a difficult conversation but will benefit everyone involved. Have family members answer the checklist questions from their perspective to identify potential issues that need to be addressed.

Step Two – Plan Development

Partner with a Land As Your Legacy advisor

A Land As Your Legacy professional who understands farm and ranch families will make your transition planning much easier. Our trained advisors have qualifications such as:

  • A strong reputation in the community
  • Currently works with farms and ranches
  • Passion for helping families and businesses with their transition planning
  • Completed Nationwide’s Land As Your Legacy training program

Determine your goals

Use this checklist as a guide to determine and prioritize what is important to you and your family

Determine Your Goals

Step Three – Implement Your Plan

Formalize the plan

Your Land As Your Legacy advisor will review your goals and show you the implementation steps to achieve them. Including family members in this conversation will allow them to ask questions and help balance your current needs with those of your heirs.

Review Your Plan

Plan to review your plan every 3-5 years for changes

  • Tax law changes
  • Personal or financial changes
  • Heir or family member changes

How Nationwide can help you.

Nationwide’s Land As Your Legacy program is a testament to our on-going commitment to the agricultural community. Our diverse suite of products and experienced financial advisors have helped farmers and ranchers protect their most valuable assets for years. 

To contact Nationwide’s Land As Your Legacy team, call 614-677-7822 or email LAYL@nationwide.com.

 

Federal tax laws are complex and subject to change. Neither the company nor its representatives give legal or tax advice. Please talk with your attorney or tax advisor for answers to your specific questions. Investing involves risk, including possible loss of principal.

Land as Your Legacy is a service mark of Nationwide Mutual Insurance Company. Surrender charges may apply to partial surrenders. Loans and partial surrenders from a modified endowment contract (MEC) will generally be taxable, and if taken prior to age   59 ½, may be subject to a 10% tax penalty. Loans and partial surrenders will reduce the cash value and the death benefits payable to your beneficiaries, and withdrawals above the available free amount will incur surrender charges. If your contract were to lapse with a loan outstanding, the loan amount in excess of basis will be treated as a distribution and all or a portion will be subject to income tax.

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