Host: Bill Black. Randy Long discusses wealth management, inheritance, and exit planning for farmers. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Transcript:
I try to get the clients to understand or take the step of sort of dividing what portion of inheritance should be an inheritance because they're kids, and then what part should go to kids that have worked in the business because they've actually added value and grown the business as a result of ...
Host: Bill Black. Randy Long discusses wealth management, inheritance, and exit planning for farmers. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Transcript:
I try to get the clients to understand or take the step of sort of dividing what portion of inheritance should be an inheritance because they're kids, and then what part should go to kids that have worked in the business because they've actually added value and grown the business as a result of being part of the company. Once you can kind of make that division in the client's mind, then it gives us a way to figure out, what does need to be compensated and how shall we compensate it? One of the ways that I like to do it if they start early enough and young enough, is to actually use life insurance so that the kids that are working on the farm don't have to sell off, or rent from their siblings, land to keep the operations going during their lifetime, but to also give them a chance to plan for their own children and their own kids' ability or desire to become farmers in the future.
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