Farm Transition & Succession Planning

Life Insurance

In many farm families, only one or two children are actively involved in the operation. A life insurance policy can provide a cost-effective way to equalize your estate – allowing you to transition the farm to the next generation while still providing for non-active heirs.

Estate Tax Strategies

For larger or complex estates, life insurance can also cover potential estate tax liabilities – preventing the forced sale of land or equipment. Strategies like irrevocable life insurance trusts (ILITs) can provide families with liquidity when they need it most. Ask about Legacy Reserve by Compeer Financial ™, providing farm families with premium financing for succession planning.

Annuities

Many farmers need income security after the transition — especially if they don’t qualify for Social Security. Annuities can provide steady retirement income to maintain your lifestyle.

Retirement Income

Retirement plans help farm operators reduce income tax liability while building funds for the future.

Long-Term Care

The high cost of long-term care can put farming operations at risk, sometimes forcing the sale of farmland and equipment to pay the bills. Long-term care coverage can shield your farm and your future against these costs.

Larry and Deb Fischer, Compeer clients in Minnesota, intentionally planned the next generation’s role on the farm by involving trusted advisors and having open conversations with their children, giving their son the chance to grow into leadership while staying connected with the whole family. Their thoughtful approach helped set the stage for a purposeful transfer of the operation and legacy to the next generation.

“My parents saw the benefit in stepping away and giving us the chance to farm. They really gave me the opportunity to carve out my own future while providing guidance and input when I needed it. And now we’re doing the same.” - Larry Fischer

Start the Conversation. Connect with Compeer to share your goals for the next phase of your farm, along with any steps you’ve already taken.

Gather Financial & Tax Records. Compeer’s Farm tax and accounting team is here to help you understand your options and prepare the information needed to move forward.

Build Your Transition Team. We’ll connect you with a trusted agricultural transition planning partner and work alongside your full team – including your attorney and CPA.

Keep Your Plan Updated. As market conditions shift and your operation evolves, we’ll be here for regular reviews and adjustments, keeping your plan aligned with your goals.

Discuss Your Farm Transition, Succession or Estate Plan

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Farm Transition & Succession Planning

Transition, Succession & Estate Planning for Your Farm

Retirement & Estate Planning for Farmers

How to Get Started with Farm Transition Planning

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Transition, Succession & Estate Planning Resources for Farm Families

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