What You Need to Know About Estate and Succession Planning

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estate planning

Photo credit: Unsplash/Frances Gunn

The Farm Bureau Federation started the NC Farm Bureau Mutual Insurance Company back in 1953 with a mission to provide insurance for the rural and farm families. The insurance company has progressed through the years to where we insure folks from the mountains to the coast and everywhere in between while still fulfilling our original mission. Farms and small businesses are still a large part of our insurance book of business.

A primary goal of our company is to help people plan for the unexpected – accidents, storms, sickness, disability and even death. Our products and services help to lessen or avoid total financial devastation when catastrophes hit.

Farm Bureau offers a very important member benefit: estate planning. We are fortunate to have on staff four estate-planning specialists positioned regionally throughout the state of North Carolina. Roy Masters serves in the western part of the state, Michael Swink is in the Foothills and Piedmont area, Ryan Holloway serves part of the Triangle area and southeast, and Michael Levin has part of the Triangle area and northeast counties. Their services are free to our Farm Bureau members.

See more: How to Be Financially Prepared for Unplanned Events

Estate planning involves the accumulation, conservation and distribution of an estate with the purpose of developing a plan that focuses on enhancing and maintaining the financial security of our members and their families. We all work hard to accumulate things in life, so it is vitally important to have protection in place while we are living and a plan in place to transfer them to our heirs upon death. Succession planning is a very similar concept to estate planning, but more commonly refers to passing on business interests as the owner’s transition through life and at the time of their death.

Many of our members have worked hard to build their farm operation or other types of businesses that provide financial security for them and their families, some of which have been passed down from previous generations with the goal to continue these businesses for generations to come. That can only happen if there is a solid plan in place!

Our estate planners are salaried employees of Southern Farm Bureau Life Insurance Company Inc. based in Jackson, Mississippi. They work hand in hand with our local Farm Bureau agents in assisting our members in making sure that the things that matter most are protected during life and passed on accordingly at the appropriate time. Contact your local agent if you are interested in discussing your need for estate or succession planning. They are happy to set up an appointment with you and one of our estate planners to review and assess your needs.

About the author: Allan Williams is Director of Training – Marketing Department for the North Carolina Farm Bureau Mutual Insurance Company Inc.

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