When it comes to estate planning, many farmers feel like they’re staring into a fog of legal terms and complex, emotional decisions. It’s easy to feel overwhelmed by this and even put it off entirely. After all, isn’t estate planning something only the wealthy or the elderly need to worry about? No! Estate planning is critical for protecting your farm, your family, and everything you’ve worked so hard to build.
In this new video series, Stephanie Burnham, a leading estate planning attorney licensed in New Hampshire and Massachusetts, breaks down the key estate planning concepts that every farmer should know to ensure their hard-earned assets stay within the family, avoid unnecessary taxes and legal hurdles and transition smoothly to the next generation.
Why Estate Planning Matters for Farmers
For farmers, estate planning is more than just a legal process; it’s a vital step in ensuring the future of your farm. Unlike most professions, farming involves unique assets like land, equipment, livestock, farm stands and agritourism ventures. Each of these assets requires careful planning to ensure they’re managed and transferred smoothly to the next generation when the time comes.
Without a solid plan, your family might face unexpected challenges like tax burdens, forced sales or lengthy court battles. Our goal is to help you avoid these pitfalls by breaking down estate planning into simple, understandable steps that protect your farm’s future.
What You’ll Learn in This Video Series
In this series, estate planning attorney Stephanie Burnham will walk you through the key concepts and terminology you need to know. Each video is designed to take you step-by-step through different aspects of estate planning, from understanding the basics to navigating more complex tools and strategies. Here’s what you can expect:
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Last Wills and Testaments & Trusts: We start with the essentials — what’s the difference between a will and a trust, and why are these documents so important for farmers? Learn how to use these tools to manage the distribution of your assets and protect your farm’s future.
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Limited Liability Companies (LLCs): Next, discover how an LLC can protect your farm from personal liability, provide flexibility in ownership and simplify the transfer of assets to your heirs.
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Revocable vs. Irrevocable Trusts: Confused about which type of trust might be right for you? We’ll explain the differences, benefits and potential downsides of each, so you can decide what best suits your needs.
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Putting Your Assets into a Trust: Understand why simply creating a trust isn’t enough and learn how to correctly transfer your farm assets into a trust to ensure it serves its purpose.
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What is Probate Court: We’ll demystify the probate process, explaining why it can be lengthy and costly and how to plan to avoid it for a smoother transition of your farm.
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Medicaid Look-back and Disqualification Periods: Find out how Medicaid planning impacts your farm assets, what you need to know about look-back periods and disqualification rules and how to plan accordingly.
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Prenuptial Agreements: See why prenuptial agreements aren’t just for the rich or famous — they can be a smart move for farmers who want to protect their assets and keep the farm in the family.
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How to Transfer Assets to the Next Generation: Learn practical strategies for passing on your farm to the next generation in a way that minimizes taxes and keeps the peace within the family.
Our Mission: Making Estate Planning Clear and Actionable
We know that estate planning can feel daunting, but it doesn’t have to be stressful. Our mission with this series is to pull back the curtain on these topics, explain them in plain language and help you see the practical steps you can take to protect your farm. However, every farm is unique, and so is every farmer’s situation. The information provided in this series is meant to offer general guidance to help you understand the basics, but it should not be considered a substitute for professional legal advice.
Consult with a Legal Professional to Protect Your Farm's Future
While this series will help you understand key concepts and take actionable steps, it’s essential to consult with an estate planning attorney who understands the specific needs of New Hampshire farmers. Your attorney can help tailor a plan that fits your farm's unique circumstances, ensuring that your assets are fully protected, and your wishes are honored.
Start Your Journey to Clarity and Protection
If you’re ready to uncover the secrets of estate planning and take control of your farm’s future, we’re here to guide you. Click here to watch the first video, Last Wills and Testaments & Trusts, and begin your journey toward securing your farm, your family and your legacy.
