The Rural Voice, 1993-06, Page 440.00ts HEALTH KICK
o01
To be enjoyed each and every day... Thanks to the
dairy farmers of Ontario who provide us with
delicious, high quality products all year long.
Say "Thanks" During
June Dairy Month
Buchanan and Hall Ltd.
615 Huron Road, Stratford, Ontario
271-4793
Dufferin Mutual
Insurance Company
Contact our Broker in your area
and ask for ... DUFFERIN MUTUAL
Atwood ._ _.....Cockwell Insurance Brokers Ltd. 519-356-2216
Collingwood Culham Insurance Brokers Ltd. . 705-445-6100
Howard Noble Insurance Ltd. . 705-445-4738
Simpson & Company 705-445-3151
Dundalk Howard Noble Insurance Ltd. 519-923-2313
Durham Chapman, Graham & Lawrence Insurance 519-369.3131
Grand Valley Grand Valley Insurance Brokers 519-928-2851
Hanover ............. Chapman, Graham & Lawrence Insurance 519-364-2790
Markdale Tebbutt Insurance Brokers Ltd. 519-986-2167
Chapman, Graham & Lawrence Insurance 519-986-4351
Meatord Georgian Bay Insurance Brokers Ltd 519-538-2102
Owen Sound L.A. Chester Insurance Ltd.................................519-371-0232
Shelburne Crewson Insurance Brokers Ltd. 519-925-3145
Southampton Stan HMIs Insurance Broker Ltd. 519-797-3431
Thornbury Howard Noble Insurance Ltd 519-599-3812
Walkerton Chapman, Graham & Lawrence Insurance 519-881-0611
Head Shelburne, Ontario
Office 110 Adelaide St., P.O. Box 117, LON 1S0
519-925-2026 1-800-265-9115 Fax 519-925-3357
1895 — 100 years — 1995
40 THE RURAL VOICE
Advice
Intergenerational
farm transfers
Transferring the family farm from
one generation to another has always
been a challenge. High capitalization
and rapid changes make the transfer
more complicated, but the basic
considerations are the same as
they've always been.
Setting Goals: Both generations
need clear goals, for their business
and for themselves and their families.
If we focus on the final objective, we
can be open-minded about the way
we get there. When needs of several
people are involved, it is essential
that everyone is willing to consider
various options.
Communications: One of the
biggest assets for any business or any
family is open communication. The
best plans and decisions are made
when everyone has full information
about what each part wants, what
they have to offer, and what
limitations exist. Estate planning is
often delayed because families feel
uncomfortable discussing the issue.
The sooner you start to plan, the more
secure all parties will feel, and better
decisions will be made.
Assembling the Team: The first
step is to get the family discussion
started. Be sure that a plan is in place
to involve all those affected by the
decisions to be made. An accountant
is essential to ensure all tax and
financial reporting issues have been
considered. No one wants a big
surprise from Revenue Canada. A
lawyer will provide advice regarding
wills, powers of attorney, family law,
and business agreements. OMAF's
Farm Management Staff are available
to discuss various business options to
help open the lines of communica-
tion. They can help you understand
the basics so you can make the best
use of your lawyers and accountants.
In most cases, sound advice regarding
insurance is part of the planning
process.
Parent's Retirement: Providing
security for retiring parents is a prime
consideration. While some non-farm
assets may be available to help
provide retirement income for
parents, most people expect to