The final episode in a three-part Dairy Stream podcast series about farm succession planning examines legal issues, such as estate plans, mediation and marital agreements.
The Dairy Business Association and Edge Dairy Farmer Cooperative dedicated the groups’ co-produced podcast to the issue, which farmers, financial advisers and attorneys say is critically important. The latest episode in “Success in Succession Planning,” published Wednesday, features attorney George Twohig and farmer Gordon Speirs of Shiloh Dairy, both located in northeastern Wisconsin. Compeer Financial sponsored the series.
Episode 3:
(Use of audio clips is encouraged with attribution to “Dairy Stream, co-produced by the Dairy Business Association and Edge Dairy Farmer Cooperative.”)
- 1:20: Experience in succession planning
- 4:12: Differences between estate plans, trusts and wills
- 5:35: First steps in estate planning
- 8:39: Considerations for revocable and irrevocable trusts
- 12:25: Reducing estate tax implications
- 16:17: Updating limited liability corporations
- 20:53: Mediation and avoiding legal issues
- 23:30: Advice on power of attorney and beneficiaries
- 25:34: Marital agreements
- 26:49: Elder law and long-term care
- 29:56: Reviewing other legal aspects
- 32:09: Final advice
Other episodes:
- Episode 1: How to get organized, featuring Steve Bodart of Compeer Financial and Jamie Witcpalek from Pagel’s Ponderosa Dairy in Kewaunee, Wis. Listen here.
- Episode 2: Financial analysis, featuring Eric Gullicksrud of Compeer Financial and Kari Gribble of Tri-Fecta Farms near Fox Lake, Wis. Listen here.
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Three-part Dairy Stream podcast series on farm succession planning wraps up with look at legal aspects. @VoiceOfMilk @DairyForward
About Dairy Stream:
Dairy Stream focuses on policy, sustainability, market trends, new technology, processor updates, business partner news and farmer involvement. Dairy Stream is co-produced by the Dairy Business Association and Edge Dairy Farmer Cooperative, sister organizations that fight for effective dairy policy in Wisconsin and Washington, D.C.
Dairy Stream is available on Apple Podcasts, Google Podcasts, iHeartRadio, PodBean, Spotify or wherever you get podcasts.
About DBA:
The Dairy Business Association is Wisconsin’s leading dairy lobby group, championing smart and sensible regulations affecting the dairy community. The nonprofit organization is comprised of farmers, milk processors, vendors and other business partners who work collaboratively to ensure that dairy farms of all sizes have the support they need to keep America’s Dairyland strong. More information: www.dairyforward.com
About Edge:
Edge Dairy Farmer Cooperative provides dairy farmers throughout the Midwest with a powerful voice — the voice of milk — in Congress, with customers and within their communities. Edge, based in Green Bay, Wis., is one of the top cooperatives in the country based on milk volume. More information: www.voiceofmilk.com.
