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Farmer & Older Parent

Retirement and Estate Planning > Who Will Get Grandpa's Farm > Farmer & Older Parent

Farmer & Older Parent

Examine Strategies:
Direct Control | Indirect Control | No Control | Quiz

In this scenario, John, the farm operator, wants to talk with his father Ed, about transferring the farm to him. His son, Mark, is finishing college and John wants him to join the farming operation.

Attitude: John needs to be respectful in making this request. Discuss the topic with as little emotion as possible.

Preparation: Have some alternative plans in mind and be ready to suggest them. For example, transfer control of the property over a period of time so that the older parent gets used to the idea of turning over control.

Timing: Choose a time of day and location where a quiet thoughtful conversation is possible.

Behavior: Be prepared for resistance, but have a suggestion ready for follow up such as making an appointment with an estate planning attorney.