BDN speaks with Brzozowski, Anderson about how farmers can create an estate plan
The Bangor Daily News spoke with University of Maine Cooperative Extension staff members Richard Brzozowski, project director for Maine AgrAbility, and Gary Anderson, extension animal and bioscience specialist, about estate planning for farmers. “Everybody knows they’re going to die, but it’s not the most fun thing to talk about,” said Brzozowski. “It’s important for these conversations to start.” Anderson recommended writing down a clear set of goals and dreams for transfer of the farm, as well as fears, to make the transition easier. “You’re really looking at business transition,” he said. “It’s similar to retirement decisions that somebody might make for a job but it’s much more complicated because there’s a lot more resources you have to deal with and probably a lot more people.” A basic estate plan can be as simple as a will, a medical directive and a power of attorney, according to Anderson. “You’re going to need to go see your lawyer and put together a team of your lawyer, your accountant, your financial advisor and insurance professional,” he said. “If there’s a lot of discussions, a family counselor for a lot of those family meetings would be super helpful.” He also recommended compiling a list of assets, finding a successor, and reaching out to your local cooperative extension if you need help getting started. Brzozowski recommended reaching out for help with estate planning early and often to make sure the transition is as smooth as possible. “You shouldn’t be ashamed to ask for help,” he said. “It can be complicated.”