Lake Charles farmers may be among many other business owners in the nation who believe succession plans are crucial toward their families' well-beings. However, for whatever reasons, many are hesitant to consider estate planning as a most viable tool in developing a secure plan. Procrastination often gets the best of many Louisiana farmers, and some say it's all about simply making up one's mind to do something, then doing it.
Some people avoid the topic of estate planning like the plague because they don't like to think about their own mortality. Others say they want to wait until the government makes up its mind regarding various tax issues or other laws that may affect their estates. The fact is that tax laws are always changing; therefore, it doesn't make much sense to await some sort of "final decision" the government is not likely ever going to make.
Those who understand the importance of executing a thorough estate plan know it's far better to put an initial plan in writing, then adjust and update it as needed, than to have no set plan at all. A key factor in overcoming procrastination hurdles is often simply deciding that the time to do something is "now," not later. There are experienced probate and administration attorneys who can help a hesitant farm owner (or any other Louisiana resident) address all aspects of the estate planning process.
Discussing one's ideas with the family as a whole is often a first logical step to take before implementing a formal plan. Farmers who develop succession plans can have a strong say in the futures of the businesses they've worked so hard to build. An estate planning attorney can clarify any legal issues that arise and help simplify the entire planning process.
Source: farmforum.net, "Estate planning: Time is now", Dennis Foster, May 1, 2017