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 family member and represents their Kansas family business legacy.
Farm and ranch planning in Kansas is also a unique area of the law, and the attorneys at Larson & Brown, PA have decades of experience.
Accounting issues are a common element of farm and ranch planning, so Farm Programs’ issues are administered through the USDA and local FSA offices. We know exactly how to help Kansas farmers and ranchers preserve their legacy for the next generation.
Establishing a Farm or Ranch Plan in Kansas
Matters addressed in a plan for families with a Kansas farm or ranch are similar to those affecting 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 land, it’s necessary for a successful farm operation agreement in Kansas. Plans must be laid out to legally address how family members can continue the operations and consider those who will no longer be involved.
Understanding Farm and Ranch Succession Planning in Kansas
Over the last few decades, many farm and ranch operations have grown to become multi-family and multi-generational in terms of family members involved. The size of these operations has increased.
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 family farm and ranch operations and all of the closely held entities 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, 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.