While many family-owned businesses have the long-term objective of “passing the business on to the next generation,” this is not an easy process. A great deal of planning, preparation, and communication is needed in order to accomplish the feat of moving the business from one generation to the next. The aspirations of both generations need to be addressed along with the financial feasibility of the operation supporting all involved. Checkout the K-State Research and Extension publication “Transition Planning: 12 Steps to Keep the Family Farming” and watch the video below as you work through the farm succession planning process!
Some people prefer to keep their legal documents private and disclose little or no information regarding their personal decisions. With end-of-life issues, however, communication is key. Initiating a conversation with others about your end-of-life wishes can be unsettling, but having these conversations will ensure that future health care plans are made and that appropriate parties are aware of those plans.
As you prepare to gather with family and close friends over the holidays, consider incorporating a time to discuss your advance health care directives. The resource, Advance Health Care Planning in Kansas, will provide assistance as you outline your wishes and prepare for these sometimes difficult, yet very important discussions.
In 2017, throughout Kansas we’ve already experienced drought, wildfires, a spring blizzard, flooding, tornadoes, hazardous wind, and extreme heat advisories. Disasters do not plan ahead, but that doesn’t mean you can’t!
Being prepared for the disasters that may affect your home, business and community is important. Taking inventory of what you have and recording it is a good place to start. After all, you do not know where to get back to if you don’t know where you started, right?
When choosing a health insurance plan for you and your family there is much to consider. The right plan for you and your family will depend on your health and your financial situation. The University of Maryland Extension provides some helpful consumer resources. These tools can help consumers be smart about buying and using health insurance. To access the resources visit https://extension.umd.edu/insure/consumer-resources.
We’ve had drought, wildfires, a spring blizzard and flooding in Kansas this year and it’s only August. If your home or office was affected by a disaster, would you have an accurate record of what you lost? Would you easily know who to report it to and how to reach them?
This year, Prepare Kansas will help you take steps to be more financially prepared to weather any challenges, plus it’s a good way to stay organized.
Week 1: You don’t know where to get back to if you don’t know where you started, right? This week’s challenge takes you step-by-step through preparing a household inventory.
Week2: Things change. Circumstances change. Know the right questions to ask as you review homeowner’s or renter’s insurance, plus auto insurance coverage.
Week 3: If you had a few precious minutes to leave your home or office, what would you take? Learn the basics about what to include in a grab-and-go kit to help get you back on firm financial footing more quickly.
Week 4: Communication is key. This week’s challenge is to develop and practice a family communication plan.
The Post Rock District is hosting a one-day Farm Succession Planning Seminar! The featured speakers will provide resources, tools, and insight related to: steps to keep the family farming, farm and rural business succession planning, strategies to maintain strong relationships and leaving a legacy through the family farm. The seminar will also include a question and answer panel with nationally and state recognized experts. For details and registration information visit www.postrock.ksu.edu.
Taking the time to read the fine print of health, auto and home insurance policies may not always happen with consumers. But it pays to understand what you’re purchasing so there are no surprises if you ever need to file aclaim.
Understand 9 common insurance misconceptions that may occur from a lack of policy knowledge. They were compiled from questions to the Kansas Insurance Department Consumer Assistance Division and the National Association of Insurance Commissioners (NAIC). Ken Selzer, CPA, Kansas Commissioner of Insurance provides insight about each misconception in the July 2017 column, “Insurance Matters”: http://www.ksinsurance.org/documents/department/insurance-matters/July2017-insurance-matters.pdf