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AG LEGACY

Caleb Carter and John P. Hewlett

Summary

A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. Deciding to leave a legacy can provide a road map for future generations. Planning an AG LEGACY should include discussion of all five components of a true legacy: values and life lessons, personal possessions of emotional value, fulfilling final wishes and instructions, ownership of financial assets and real estate, and management succession. If the discussions between generations do not cover all five components, the legacy transfer will not be completed successfully. Values and life lessons covers family traditions, a families’ history, and belief systems. Personal possessions of emotional value includes the transfer of non-titled property and what seems to most often create the conflict among family members. Final instructions and wishes to be fulfilled include deciding what constitutes a “good” death, identify and documenting wishes for the end of life, documenting final wishes for burial and memorials, and developing a list of secure places and passwords. Ownership of financial assets and real estate covers the more traditional topics of estate planning, financial planning, and titled property transfer. Finally, an often overlooked and undervalued component, management succession covers the transition of management responsibilities to the next generation. AG LEGACY materials and online learning modules are resources intended to assist farm and ranch families to develop a complete legacy. These include helpful worksheets, planning guides, electronic tools, references, and a host of other information assembled to provide the tools for a successful legacy transfer.

Details

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