Our May Financial Solutions team understands what it takes to create a successful farming operation and the unique financial challenges that many farmers face. With our assistance and guidance, you can ensure that your farm and its finances stay on track with your short and long-term goals. Landowners, agribusinesses, and farmers need specialized options when it comes to managing money and protecting assets, which is why we make it our priority to tailor every financial strategy to the needs and goals of the individual, so that you can feel confident about the legacy you’ll leave behind.
As a farm owner, you need to be thinking about the present, while also planning for the future. Your farmland is not a liquid asset and because of that, settlement problems may arise. Estate planning offers the best way to ensure a smooth transition from one farm owner to the next, providing a framework for the disposition of your assets at the time of death. It will not only protect your land, but will also provide for the needs of your family and may help reduce high inheritance taxes. By creating an estate plan, you can go forward knowing that your farm and your family will always be in good hands.
We do not provide legal or tax advice. Please consult with your own advisors for legal and tax advice.
When it comes to passing down a farm and all that comes with it, farm owners have many important decisions to make. Farmland can be passed on to relatives, employees, outside parties or even charities, and the decisions don’t end once you’ve chosen a successor. Our team will help you make these important decisions, ensuring your farm has the resources it needs to remain economically sound and continue with the legacy you desire.
Protecting your assets means getting to know you, your values and your priorities. We’ll work alongside you to plan for the future, protecting your farm and personal assets, including wealth and future income, while guiding the process of transferring assets to future generations.
When a charity or organization matters to you, it also matters to us. We’re here to help support your philanthropy by creating a financial strategy that includes charitable giving in its budget. If giving to a cause has been on your mind but you’re unsure of the best approach, consult with us today and we’ll help you make regular donations to a charity part of your personal financial strategy.
A buy-sell agreement is a legally binding contract between co-owners of a farm that sets a plan in place in the event of one owner’s death or departure from the business, regardless of the circumstances. Essentially, it provides a protected way out of farm ownership if the necessity arises. Our team can work with you to employ life insurance to fund a buy-sell agreement, so that the business will not struggle financially even in the case of a co-owner’s death.
A farm is only able to run at its best when all of the employees and owners work together and share common goals. But what happens when a key member of the team passes away? That’s where we can help, by insuring the key person with life and disability insurance that will help compensate the farm owner in the event of a loss. Is there one employee you cannot imagine working without, who contributes invaluable skills and ideas? If so, we can help you protect your farm even in the case of this worker switching employers, becoming disabled, or dying.
Individual disability insurance is available through one or more carriers not affiliated with NewYork Life Insurance Company, depending on carrier authorization and product availability in your state or locality.