Farm transition meeting

**walterm** · Dec 11, 2019, 08:27

Originally posted by GOODRUM View Post

Anyone have the details on a meeting taking place? I heard something a while back but canâ€™t find anything posted anywhere, I think it is on the 12th.

Where? When? Who?

**fjlip** · Dec 11, 2019, 17:14

Life after Harvest was in Humboldt on the 4th, Saskatoon Jan 28...
https://pwmprivatewealth.com/services/lifeafterharvest https://pwmprivatewealth.com/services/lifeafterharvest

Anyone attend? Inform us.

**Richard5** · Dec 11, 2019, 18:33

Investors holding a farm transition seminar are only in it for one thing....selling life insurance!

**fjlip** · Dec 11, 2019, 18:46

okay... hopefully the tax issues and guaranteed someone will collect your Life Insurance.

**blackpowder** · Dec 11, 2019, 20:25

Honestly, if you find an agent you trust, life insurance is the reason I'm still farming.

**AlbertaFarmer5** · Dec 11, 2019, 20:29

Originally posted by blackpowder View Post

Honestly, if you find an agent you trust, life insurance is the reason I'm still farming.

Care to explain?

I understand the appeal of life insurance for passing on a nest egg to future generations without the tax burden, but I can't see how to accumulate a nest egg worth worrying about unless I invest in my business, and investing in life insurance comes out of what can be invested in the business...

**blackpowder** · Dec 11, 2019, 20:55

Obviously depends on your numbers.
When mother did her will we valued the land at the time. Divided by number of children. I paid premiums on sibling share paid out in insurance. I got the land. Just my story. If a lot of cash and equity then there's tax shelter vehicles, annuities blah blah.
How and who paying capital gains??
Lots of land sold just to pay it.

Warning. In hindsight the land went up in value over 15 years, the insurance payout did not. My appreciation risk frozen. But my siblings could've bought a hell of a lot more with same dollars back then. Should've bought it outright at the time. We'd still be talking. Only damn thing I could get out of Mom at the time. Better than nothing at all.

Lesson. Teach your kids to talk. And educate yourself.
Listen to ten shiny pants salesman to get to that one good one.
Open your eyes. Remember, your gonna die.

**blackpowder** · Dec 11, 2019, 20:57

Fat thumb. Liking yourself haha. Yes I'm sober.

Farm transition meeting