Farmer and Rancher Solutions
Here at Sprik Financial, we are able to help farmers, landowners, and agribusinesses with financial planning and decisions because we understand what it takes to create a successful farming operation, and the challenges in finances that many farmers face. With our assistance and guidance, you can help ensure that your farm and its finances track with your goals going forward.
Landowners, agribusinesses, and farmers need specialized options when it comes to managing their money and protecting their assets. Our goal is to tailor every financial strategy to the needs and goals of the individual in such a way that he or she feels confident with their legacy.
Estate Planning
As a farm owner, you should not only be thinking about the present, but also planning for the future. Your farmland is not a liquid asset and because of that, settlement problems may arise. The best way to ensure a smooth transition from one farm owner to the next is by estate planning. Essentially this is a framework for the disposition of your assets at the time of death. It will not only protect your land, but will also provide for the needs of your family and may help reduce high inheritance taxes. By creating an estate plan, you can go forward knowing that your farm and your family will always be in good hands.
Succession Planning
When it comes to passing on a farm and all that comes with it, farm owners have many important decisions to make. Farmland can be passed on to relatives, employees, outside parties, and even charities. Even after this decision is made, however, many more remain. Succession planning with our team means making these decisions together and making sure your farm has the resources it needs to remain economically sound and continue with the legacy you desire.
Asset Protection
Protecting your assets means getting to know you, your values, and your priorities. Asset protection allows us to work with you to plan for the future, protect your farm and personal assets, such as wealth, future income, and guide the process of transferring assets to future generations.
Charitable Planning
When a charity or organization matters to you, it also matters to us. We’re here to help support your philanthropy by creating a financial strategy that includes charitable giving in its budget. In many financial strategies, even giving, our team of professionals can help you make the most of your decisions.
Buy-Sell Agreements
A buy-sell agreement is a legally binding contract between co-owners of a farm that sets a plan in place in the event of one owner’s death or departure from the business, regardless of the circumstances. Essentially, it provides a protected way out of farm ownership if the necessity arises. Our team works with you to employ life insurance to fund a buy-sell agreement, so that the business will not struggle financially even in the case of a co-owner’s death.
Key Person Considerations
A farm is only able to run at its best when all of the employees and owners work together and share common goals. But what happens when a key member of the team passes away? That’s where our company can help, by insuring the key person with life and disability insurance that will help compensate the farm owner in the event of a loss. Key-person insurance can help protect the farm from a loss of sales, credit, and workforce. Is there one employee you cannot imagine working without, who contributes invaluable skills and ideas? If so, we can help you protect your farm even in the case of this worker switching employers, becoming disabled, or dying.
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