Mother’s day is less than a week away, but you still have time to get her the book she needs. I have done a lot of work this winter with women and money seminars and “Who gets the farm and when ?” sessions with farm families.

Here’s what I have observed:

People are overwhelmed by the complexity of succession planning and they don’t know where to start.

Finances are a major barrier, especially  people’s fear of the income stream after farm transitions, not being enough to meet the lifestyle plan for the next 2 decades.

Farm folks who have ploughed all of their financial resources back into the farm asset bubble may not have put any funds into what Alberta’s Merle Good calls the “personal wealth bubble.” Folks with a personal wealth bubble have more flexibility in planning for the successor’s needs since they don’t need all their lifestyle income from the farm cash flow. Continue reading Being Smart with Your Personal Wealth Bubble »