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Efficient planning is required to successfully transition the family farm to the child(ren) who plan to actively work the farm, while also creating estate equalization for the child(ren) who do not wish to be involved in the family farm operation. A problem that presents itself at death can be best solved with a strategy that pays out at death. This is why permanent tax-exempt insurance becomes a key tool in the execution of a succession plan.

Many farmers want to see their family farm carry on to the next generation. This may not sound like a tall order but it can be. The ability for a son or daughter to take over the family farm has become increasingly difficult.