By Scout Nelson
Family farms face distinctive challenges in asset protection and succession planning. Jayna Voss, an attorney and co-founder of Legacy Law Firm in Sioux Falls, emphasizes the importance of comprehensive planning in safeguarding the future of family farms.
Her firm, specializing in estate planning, business planning, and elder law, often assists farmers in navigating these complex issues.
During the South Dakota AgOutlook conference in Sioux Falls, Voss highlighted the interconnection between estate planning, business strategy, and elder law, crucial for a successful farm succession. Planning is key, especially considering the high costs of long-term care and the potential need for such services as farmers age.
A proactive measure Voss advocates is the establishment of a Medicaid Asset Protection Trust. By placing assets like homes and land into this trust at least five years before potential care needs, families can protect these assets from being consumed by nursing home costs. This planning tool is part of a broader strategy to secure a farm's financial health and continuity.
The conversation about these topics is ongoing, and Voss is scheduled to discuss them further on The Soybean Pod, a podcast by the South Dakota Soybean Research and Promotion Council. Her message underscores the importance of early and thoughtful planning to address the realities of aging, retirement, and death. This foresight not only helps preserve family assets but also promotes harmony and success for future generations.
In conclusion, taking the initiative to draft and regularly update planning documents can significantly impact the preservation and success of family farms. It's an invaluable gift to family members, ensuring stability and continuity in an industry full of uncertainties.
Photo Credits:pexels-nataliya-vaitkevich
Categories: South Dakota, Business, Crops, Soybeans, Government & Policy