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Episode 132: Farm Transition Part #2: Estate Planning w/Merle Good and Annessa Good
In this week’s episode, we will be speaking to Annessa Good and Merle Good about “Estate Planning,” in part two of our conversation on Farm Transition.
Did you catch last week’s episode? Part two picks up where we left off last week, so we highly encourage our audience to tune into that episode first and then return here for part two of this conversation.
While the term "Estate Planning" sounds highly technical...don't be fooled. This episode is all about land values and transferring land (and other wealth) from founders to generation two.
In this episode, Tracy, Annessa, and Merle discuss:
- When is the right time to transfer land? Should founders wait until they pass away and leave the land through the will? Spoiler alert…Merle says no and explains why this is not ideal.
- Many founders want to rent the land to the second generation. Merle discusses why this is not ideal at all and offers a more sensible path forward.
- Founders, are you ready to transfer the land but scared to lose control? Merle shares some thoughts on ways to do this so that it becomes a win-win for both generations.
- Are you ready to sell the land to generation two? If so, what is the appropriate way to value the land when charging full market value is not the desired outcome, is not financially viable, and most importantly, is not fair for the farming kid(s) that have invested years of their time and money into the farm.
- They discuss the concept of sweat equity. What is it? Where does it come into the picture? They also discuss an equation for valuing sweat equity and share more on why they encourage “farm kids” to be tracking it.
- Have you heard of heritage equity? This is an intriguing and eye-opening concept and makes a great discussion on who “owns” the equity in the rising land values.
- Merle and Annessa then dive into a conversation about off-farm children and how to make sure they are taken care of.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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GRS Consulting - Farm Business Management Consultant
Merle Good graduated from the University of Alberta with a B.S.C. degree in Agriculture Economics. His expertise has been in the area of Taxation and Business Arrangements and was the Provincial Tax Specialist for the Alberta Agricultural Ministry throughout his Professional Career. One of his career highlights was co-ordinating and personally speaking at the Professional Agricultural Tax Update for Professionals for 34 consecutive years, where over 700 accountants and lawyers attended to receive the latest business and taxation strategies from the Agricultural sector.
In launching his new Private Consulting Business, GRS Consulting, Merle will continue to focus on identifying and adapting financial management and tax-related strategies with unique business structures to meet the ever-evolving needs of Alberta’s Agricultural Industry.
Connect with Merle Good - Email
Farm Transition Advisor - Farm Credit Canada
Annessa comes to FCC from GRS Consulting Ltd. (GRS), her family’s succession planning consulting company. She attended Mount Royal University, specializing in supply chain management, giving her unique insight into operational functionality on family farms.
Annessa recently moved back to the family farm and is currently going through her own succession rollercoaster. This experience has given her personal insight that she applies to her consulting work.
The motto she shares with clients: “Succession is the transfer of a business, while estate planning is the transfer of assets. Transition is a combination of both and is proactive rather than reactive.”
Prior to FCC, I worked for GRS Consulting, which is a private consulting firm that focuses on financial management and succession planning for agricultural producers. GRS Consulting is a leading-edge Succession Planning consulting company servicing over 250 clients per year. It is here, that Annessa has found her niche, providing a voice for the Younger Generation at the Succession Planning Table. Whether it be writing articles, sitting in on Client meetings or co-presenting with her father Merle Good, Annessa’s focus and passion is to ensure that there are business opportunities and most importantly business clarity, for the younger generation.
Connect with Annessa Good - Facebook / Linkedin
The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.