Careful planning matters

Schuck Law Firm can help you plan for the future

Brook

As we embark upon another Saskatchewan spring, the agriculture sector in Weyburn has already been planning and preparing for another busy season. While planning for the crop year is important, getting ready to head out for “greener pastures” (or “warmer winters”) also requires advanced preparation. Whether that means selling, downsizing over time, or transferring the farm to the next generation, knowing how you’re going to handle the transition of your operation can be a challenge. This planning is compounded by many legal and tax issues that can present themselves when it’s time to sell or pass on your farm to the next generation.

Look ahead

Weyburn’s Schuck Law Firm can help you ensure your needs are taken care of every step of the way. “The first thing to remember is don’t wait until retirement to have discussions with family and make decisions,” says Steve Schuck. “There are so many things to consider in planning and the time to start is now, even if retirement or a sale is years away.”

A common issue to deal with occurs when a farming operation involves a corporation. The land, equipment and other assets used in the operation are usually transferred and become the property of that corporation. This means special consideration is needed when drafting your Will or reorganizing the company.

“When a corporation is involved there is a tendency to discuss dividing the corporation in terms of its assets and lands” says Steve. “However, you own shares in a corporation that owns those assets. You can no longer simply ‘divvy up’ your lands, equipment or other corporate assets in your Will without appropriate advance planning.”

The message here is plan ahead. Talk to a professional about what you want to do with your operation now and in the future,” says Schuck. “You can get started by making an inventory of what you own personally, what your corporation owns, and who you want your estate to go to in the future. After that, it’s time to talk to a lawyer and likely an accountant about your situation.”

Your estate matters

If you’re not a farmer, estate planning is still incredibly important. Everyone needs a Will, even if you don’t consider your estate to be a lot or will be simple to administer. Making sure your wishes are known and recorded helps your loved ones ensure they receive what you intend them to receive. Schuck Law Firm will help you get a Will prepared, store it safely for the future and review it as your needs change. “Preparing a Will and estate planning doesn’t have to be stressful or time-consuming,” says Steve. “There is no time like the present to get it done. It usually takes just one appointment, and a signature a few days later.”

Make the call

Steve and the legal team at Schuck Law Firm are ready to handle your estate planning needs no matter how simple or complex. Open 8:30 am to 5 pm, Monday to Friday at 21 5th Street in Weyburn with virtual and in person appointments available, call or email today to get started.

Learn more at schucklawfirm.ca and follow them on Facebook, Twitter, LinkedIn and Instagram.

Schuck Law Firm 21 5th Street

Weyburn 306.842.2722 schucklawfirm.ca