Leading Estate Planning Attorney Bobbi Thury Reveals Mistakes Farmers & Ranchers Make Surrounding Succession Planning – Sioux Falls, SD

Sioux Falls, United States – March 30, 2022 —

With nearly 90% of farmers having no transfer plan in place and even less having a will, the error of their ways is already quite large before they pass away, revealed Sioux Falls Estate Planning Attorney Bobbi L. Thury.

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The Co-Founder of Legacy Law Firm P.C outlined a series of mistakes farmers and ranchers can avoid if only they grasp the time and opportunity to sit down with an estate planning attorney to discuss their wishes.

She said that serious errors could amount to taking no action, planning too late and failing to communicate their wishes with loved ones and children. That could leave their legacy open to contention, disagreement and even legal action.

Thury said: “A farmer needs to have a plan in place so that loved ones are guided on what to do in the future. They should detail everything in the plan, including having powers of attorney to handle things in case of incapacity and making their wishes known with health care directives.”

She commented that a good idea was to have a backup power of attorney and name alternative beneficiaries for their assets in the event their primary choice of beneficiary is unable to act.

“The biggest problem is that farmers fail to communicate to their loved ones what they intend after they have passed for the future direction of their farm,” she asserted. “Hold meetings and discuss openly so that the farm can be passed smoothly and without a mess or contention among family members.” 

Estate planning, mainly a farm, ranch or business, requires the need to detail everything properly, such as land and buildings, equipment, livestock and bank accounts. “Succession planning requires accounting for all assets, values, and factoring in debt, as these will have to be paid out of the estate,” she added.

Farmers need to be clear on what taxes could affect their estate and if there is enough liquidity to ensure the farm can still perform between the date of death and estate settlement.

Thury added: “The last thing a loved one wants at the height of their grieving is to cope with a disorganized estate. So keep loved ones informed of where important documents are, and keep them all together. Organization is essential.”

She urged farmers and ranchers to seek advice from an attorney specializing in estate planning and, once done, to regularly review and update as needed so that their plan fully reflects reality, relationships and business standing.

Contact Info:
Name: Bobbi L. Thury
Email: Send Email
Organization: Legacy Law Firm, P.C.
Address: 7404 Bitterroot Pl, Sioux Falls, SD 57108
Phone: 605-275-5665
Website: https://www.legacylawfirmpc.com

Release ID: 89071873