Tips For Effective Estate Planning

Estate Planning is a tough subject.  But having a good succession plan is essential to ensure your operation can continue past your lifetime.  Attorney Pam Olsen encourages ranchers to make a succession plan a top priority if they don’t already have one.

“I think that one of the difficulties operators and owners have is taking the time to really sit down and develop a well thought out plan.”

Olsen noted there is no “right” way to create a succession plan, but Olsen said communication is the key for any transition plan to work effectively.

“And the communication wherever possible really need to go both ways.  So the communication always works best if it starts at the owner generation, and brings the next generation inward where it’s appropriate, if you’re facing a situation where the next generation really wants to have that conversation, you try to do it at a neutral moment, you come in without an expectation of entitlement.”

And try to have as honest of a conversation as your relationship will allow.  Olsen was a featured speaker at the 2017 Range Beef Cow Symposium.

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