The Lucknow Sentinel, 1998-03-18, Page 20Page 4 - Faarna. progress '98
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(4MonSanto<Canada 1998 100 0128 90
seeping your -family
name on the mailbox
..
by Pat Livingston
stateplanning and transferring' assets from one
generation to another is "like a mine field'," says
Murray Gaunt, but a necessary field to cross to
ensure keeping your family name .onthe mail box,
Gaunt was guest speaker at recent seminar alit farm -
nig issues sponsored by MetLife, in Lucknow. Gaunt
shared his thoughts and experiences based ort living on a
family farm. and 18 years of public life, saying he was
np• expert on matters
relating to transferring the
family faun,
The one word': in
Gaunt's presentation that
stood out was "communi-
cation," He continually
stressed the importance of
an open dialogue with all
memberss of the family
when estate planning is in
the works, "Lack of com-
munication and lack of
planning can result in
hard feelings, bitterness
and resentment. A life-
time of work pn behalf of
the parents' can be..
destroyed through lack .of
communication," he said;
"Poor planning is not a new problem," said Gaunt. "It
"goes back to the beginning of history. No one likes to
talk about death, but it's really a 'fact of life."'.
Gaunt said 30 per cent .of family farms survive two
generations; lD per cent survive three generations
'"The mission is to transfer the family faun as simply
andas effectively as possible, all the while keeping in
mind fair treatmeniTor the kids and security for retired
parents."
Gaunt said word 'of
mouth is not enough;,
trust and understanding
are riot good enough. "It
can be disastrous even in
a family You need a little
snore -than promises in
this complicated world."
He stresses the trans-
fer should be handled as
a business with: agree-
ments.
"Always make sure
you have a will, It
ensures children being
treated fairly,, if not
eguially. It also give
"Peace of mind that you
'', Page 5
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