Non-titled property has no document specifying who officially owns the property. And, while it may or may not represent substantial monetary value, it often carries notable emotional value for family members of the owner. How do you plan to distribute your possessions of emotional value to the next generation?
TO LEARN MORE about possessions of emotional value see: AGLEGACY.org
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View a free recording about Possessions of Emotional Value and other important topics
…before time runs out!
TO LEARN MORE about possessions of emotional value see: AGLEGACY.org
#AGLEGACY.org #FarmSuccession #EstatePlanning
* Do you own titled property? Untitled property? Do you plan to pass that property to the next generation?
* Have you considered making a list of personal items and explaining why they are special to you as a gift to the next generation?
* Most elders have the goal of being fair in their distribution of property to the next generation. Have you considered whether equal or equitable best fits your sense of what is fair?
* Have you considered the method you might use to distribute property to the next generation: formal methods or informal, gifting, sales, donations, or other possibilities? Have you shared that with the next generation?
For Answers to these questions and much more see our recent newsletter and online module materials covering: the 2nd most important component of a legacy: Possessions of Emotional Value – Equal or Equitable?
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Fairness is a hard concept for people of any age to understand. This is because it requires one to be able to see things from another person’s point of view. Equal: The context of equality means all persons are treated the same; This could mean equal number of items, dollar value, or emotional value. Equitable: An equitable distribution would take into account differences; These differences could be age, gender, needs, care giving role, and other distinctive differences.
Families members are generally more excited to consider leaving a legacy, where they are often uncomfortable discussing topics such as inheritance. Legacy takes into account all aspects of what an individual or family will leave behind.
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View a free recording about management succession plans and other important topics
…before time runs out!
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Passing a business from one generation to the next involves transferring both ownership and management of the business from one individual to another. Transferring ownership of the family business assets can be fraught with emotional land mines and the possibility of damaged relationships.
The seven-step Succession Planning Process defines not only how to begin, but also important actions to take throughout the entire transition. Steps include: Establish a Timeline, Establish a Planning Team, Select a Successor, Develop a Written Plan, Communicate the Plan, Plan for Retirement, and Enjoy the Future.
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The future success of a family business depends on the ability of the family to transfer management to the next generation, but only 1/3 of family businesses successfully transition. How will you make sure your farm or ranch successfully passes to the next generation?
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Where Are We with
Our Management Succession?
It seems logical to assume that, where the manager and management in general of any family business is critical to its success, the success of that family business into the future depends almost entirely on the ability of the family to transfer management responsibilities to the next generation. However, it is said that only 1/3 of all family businesses successfully transition to the next generation.
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AG LEGACY Resources can help…
modules, self-paced courses, workbooks, bulletins, links, and much more.
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A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. A legacy is not just money but a reputation, what was accomplished, and the difference a person makes in the world as they pass through.
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