How to Pass Your Kansas Farm or Ranch Legacy with Legal Planning
The operation of a farm or ranch is a way of life that is different from anything else. People who live this lifestyle tend to be hard-working individuals that love their land, calling it home as well as a business. The land they own is as important as a member of the family and represent their Kansas family business legacy.
Thus, farm and ranch planning in Kansas is also a unique area of the law; one which the attorneys at Larson & Brown, PA have decades of experience in.
Accounting issues are a common element of farm and ranch planning, and so Farm Programs’ issues are administered through the USDA and local FSA offices. We know exactly how to help Kansas farmers and ranchers plan for preserving your legacy for the next generation.
Establishing a Farm or Ranch Plan in Kansas
Matters that have to be addressed in a plan for families who have a Kansas farm or ranch are similar to matters that affect all family-owned businesses in Kansas and Oklahoma. Often there is a desire for the farm or ranch to continue into successive generations. To maintain farm or ranch operations, equipment, livestock, and the land, it is necessary for a successful farm operation agreement in Kansas. Plans need to be laid out that address how family members will be able to continue the operations yet treat those who have not continued to be involved in these operations legally.
Understanding Farm and Ranch Succession Planning in Kansas
Over the last few decades, many farm and ranch operations have grown and have become multi-family and multi-generational in terms of family members involved. The size of these operations has grown.
Reviewing all of the necessary documentation for the various entities that the farm or ranch may have established is necessary to ensure that the trusts, LLCs and Corporations, and/or Family Limited Partnerships will function appropriately together when a death of a significant player in the family operation dies.
An Experienced Kansas Farm Planning Attorney Can Help Protect Your Legacy
We have more than thirty years of experience dealing with the family farm and ranch operations and all of the closely held entities that are often put together for various purposes. We have clients with land in almost all of the counties in Kansas and several in Oklahoma.
Larson & Brown, PA is here to help you and your loved ones understand Estate Planning, Wills & Trusts, Probate & Trust Administration, Medicaid Planning, Veterans Planning, and Farm and Ranch Planning. Our Wichita, Kansas law firm welcomes the opportunity to consult with clients in Wichita and surrounding Kansas areas to learn more about how we can help meet your veteran planning needs.