According to the USDA Agricultural Census, the fastest growing group of farm and ranch operators are those 65 years of age. Succession planning must be an integral part of an overall strategic plan to position a business for long-term growth under the next generation of leadership.
Most of us don’t want to envision a day we won’t be around to care for our families. But the reality is that the Baby Boomers are aging and without proper estate planning, the ones you love can be inadvertently hurt —emotionally and financially. Successful estate planning allows for the transfer of one’s assets to one’s beneficiaries quickly and usually with minimal tax consequences.
K·Coe Isom develops estate plans with five primary goals: transfer assets according to your wishes, protect net worth, provide orderly management transition, provide financial security for family members, and protect the estate from potential creditors. Hall and Hall will work with K-Coe Isom clients in the areas of long-term mortgage loans, appraisals, acquisition or disposition of real-estate assets and advising on best practices gleaned from managing over 1.2 million acres of farm and ranch land.
“In the coming years, we expect to see continued consolidation in agriculture. Many farms and ranches will pass on to the next generation or will transfer ownership,” said Jeff Wald, CEO of K·Coe Isom. “Working with farmers and ranchers throughout the United States, we really appreciate being able to refer clients to Hall and Hall – a firm with a sterling reputation and significant experience in land transactions, long-term financing and management.”
K•Coe Isom leads, nationally, as consultants and CPAs in the food and agriculture industry. To create the greatest value for customers, we focus intensely on just a few industries, becoming part of the industry—influencing it and facilitating success for those who operate within it. For over 80 years, K•Coe Isom has been working with operators that cover over a million acres of land and thousands of heads of cattle combined. We also have a strong regional presence in community banking, construction, education, healthcare, manufacturing, real estate and development, and technology.