Great job Kip!!! I was the only son with 4 sisters and worked shoulder to shoulder with my dad every day. My sisters all got 4 year educations and I became a full time dairy farmer the day after my high school graduation… my sisters were included in the will but the farm was not broken up. My dad told me “fair is not always equal”.
Kip, i own a construction company. And my son has started slowly transitioning into my role. So I completely understand the process as a whole. Just wanted to say you did an excellent job explaining the process farm or any business for that matter. There is a lot to wrap your head around in this process but you put it into simple terms for people that are new to it..Great job!! People need to learn to be ahead of the game and protect what they’ve built.
Boy not too many farmers would share this kind of information with the world...and so concisely. Thank you; you did an excellent job giving a brief outline with helpful information. We're roughly the same age, as well as our fathers. We've been working on this and started about 8 years ago by going to seminars, and you're right, it was not easy. The old boys sometimes have a hard time relinquishing control...some worse than others. I feel we've made progress, but it's on-going. Thanks again and God Bless.
This is great - I was in the estate planning arena for 40 years. People need you advice to plan and work out the details before there is a crisis - bless you, great job
Kip. While i am not in your circumstances, without a doubt your presentation was right on point. Well explained and i hope it works out for all the brothers and your families and most importantly your dad. You are a straight shooter and with your leadership your family will get it done!
What important words of advice! We don’t know what tomorrow holds and we definitely shouldn’t delay getting our plan in order. Parents want to see things in order so don’t be afraid to approach them.
It’s kind of a coincidence you made this video I’m 34 going to be 35 and my dad is 68 and I am taking over for him starting this month very informative and I just went through this.
My family has a history of buying farms or entities as the elders retire in stages. My dad farmed with his dad and bought the farm from his mom after his dad passed away. I farmed(cattle chickens and hay) with my dad and he has long since retired and the chicken entity was sold to someone else(I had enough) and when he was ready I bought some of his land and my son who has farmed with me bought My dads cattle. It helps that each of us had a vested interest in it with our own operations going when the elder family members wanted to slow down. Youngers need to step up a long time before it becomes a necessity and the elders need to make room for the youngers if a farm is to stay in the family. I now live on land that has been in my family for over 100 years. It is work that is worth working out.
Excellent subject and well-spoken Kip! I'm in my 60's & that comes with wisdom. I do not need much to live on & understand your Dad's point of view. Your farm is a very complex division with many assets. I love that you talked to a wise farm finance man. Your family farm is run on sweat equity, but all the assets are essential to run the business. I don't think people always understand all that goes into a business & how many losses can happen to eat into profit. From what I see, Dairy Farming is a very expensive business to run, but you really need the land & equipment to run it. There can be NO greed on anyone's part & I think because you all took your time to cover all aspects of post-nuptials, life insurance & and a business plan, you made a clear path! Like you said, no one knows what someone's thinking, so slow & careful through the generations so that the family business can go on. Your family is wonderful & I'm so thankful you talked about it. We never know what can happen in life & losing your precious Mom made y'all plan. God Bless your Mom & Dad for your great family💙
Great to see you figure it all out and able to give advice for others to see and know. My wife and I didn't have the privilege of taking over a farm. Instead we ventured out on our own. Starting with nothing. 15yrs later we are still hanging on. Lost 1/2 our herd in 2017 from an incompetent nutritionist. Been a struggle since. Isn't always easy to watch or see others have it easier. Have a cousin who couldn't decide if he wanted his dad's farm or not. His dad in his mid 70s finally up and sold it. So for those of us who don't have that opportunity. Please understand how it can be difficult and even make one think "it must be nice". Thank you.
Spot in advice Kip. It is a challenge but well worth it. The next generation is the challenge. Now you have 4 partners, the next generation will have 12 partners. It gets complicated if you don’t address it and plan now.
That was a very thankful video, so many do not plan and the farm is sold for various reasons. One thing I wish you would talk about is what is to happen if the farm hits hard times. I went through the 80's and things can change in a year or two.
Outstanding discussion on this topic , Kip , you did your homework, thank you for sharing, continue on , stay safe , enjoy , this family always working hard , team work !
Hey Kip. I just went through this same thing with my parents on the family dairy farm. For me, we did a lot of the same things that you mentioned in this video and for us it took me leaving the farm for a while to get the conversation going.
Well done! The gifting process is very detailed and very appropriate for your subject matter - especially the life insurance and post-nup concept. My family went through a similar process, but then my brother ended up getting a divorce and lost 1/2 of it.
Thank you for making this! I am 15 years old going on 16 and my grandfather is 72. Now I know you might same I’m too young to worry about this, but I will start farming along side him as soon as I finish high school. We have a farm in Illinois around the price tag you talked about that farms corn and soybeans. I am having a tough time considering having this conversation with my grandfather. My mom and her two sisters are already built into the will and I have a tough time justifying buying the land because of that. This really helped me build the base of how I think I am going to work this out. Especially with the taxes in Illinois being so severe. I am hoping god will help me through this. Overall what I have to say is just thank you.
I am not a farmer but retired from the city to the country around many farms. I understand the "fair is not aways equal" concept when there are multiple siblings who may choose or not choose to farm, but I think in many cases the decision as mom and dad become older comes down to do we keep the family farm and risk breaking up the family, or sell the farm and try to keep the family (or most of the family) together.
This video is invaluable to many family farms. Thank you for sharing your wisdom. Keep in mind that if you do not already have a trusted farm accountant or lawyer to help you through this, it may take awhile to find one. DO NOT WAIT until Dad is late in life.
What a fascinating and well explained video on a very personal and sensitive subject. Unfortunately for me what I thought was an agreement based on trust and respect was in fact not there and cost me the future I thought I was working for along with my health. So I'm glad that you and your families were able to approach this in an adult and open way, it's emotional and that showed. Thanks for sharing this with us. Here's to a fantastic future for you all.
Thats a tricky situation..... Every farm is unique..... Sounds like you guys have the bases covered..... With all parties best interest in mind..... Congrats.
Great video Kip. This is a very big deal as to many farms are falling apart because they don't prepare. You're Mom and Dad are very proud of you and your Brothers. Keep up the great work.
Thanks for a great video Kip. It was most interesting. Kip, i give you credit for talking about a difficult subject. But the bottom line is to protect the farm. I have been thru this myself many years ago. Nobody was prepared and thus it took a lot of give and take to get things settled up properly. Kip you talked about good subjects. Things to do in advance. Very good video. Hopefully your talk will help others get started with this process. Important to do. Good video Kip. You all take care. The Iowa farm boy. Steve.
When I was 18 my dad passed away and we had a dairy farm with milking right around 60 cows. We had pigs a well and raised our own calves up to milking cows. My mom asked if I wanted to take it over but I just couldn't do it. It was too much for just me. I had 3 sisters but I don't think any of them wanted to farm everyday. So my mom made the decision to sell the animals. Since then iv gotten married and we have a small beef farm now and we bought the original family farm and live there as well. There's definitely a lot of days I think about what would it look like now if I would have kept the dairy going. It's hard but we still have a part of it going and make a little money on it but my wife and I still have full time jobs. Maybe one day we can get big enough to not both have to be working full time jobs but I guess time will tell
A lot of wisdom in twenty minutes. I was an ag lender for many years and transition planning and implementation has always been tough. I can see the benefits where successful transition planning over multiple generations has put the current operation in a strong position. It is also more than assets and money, it is also a successful transition of management responsibilities. Due diligence by all parties to seek qualified legal, financial and accounting assistance is crucial.
The problem I have is I can not find a farmer that is looking to hand down a farm to someone that has done it for many years for farmers that have children hats off to the ones who are willing to continue this awesome lifestyle
ABSOLUTELY COULD BE BAD IS RIGHT!! Amen young man getter done now!! I am living proof that these things work done by mom and dad. Lost both in 1 year and two days 😢. THANKS YOUNG MAN !!
Most non farmers don't understand farming life, especially dairy farming. You are working more hours and days than virtually any other job. You wouldn't do it if you didn't love it, but you also sacrifice your life for it.
Kip you right my mom did not have not set up for me bean ADHD have we got my aunt doing it now and thank God for that what she's doing you're right it was hard yeah she had nothing set up for me or nothing in the bank or at all you're right. Bring his point back to me big time
This doesn't just apply to farmers even businesses can go under because the the major stakeholder dies, even if they had a will it takes time, employees aren't getting paid suppliers aren't getting paid until it's all settled.
Look into life time estate also. You have to be careful how that is worded also. You can give your parents lifetime estate which is fine but if they end up in the nursing home you could end up pay for that also.
For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don't have to pay estate if their estate is worth $27.22 million or less. For 2023, the threshold is $12.92 million for individuals and $25.84 million for married couples
What would ya say if the son wanted to keep the family farm but the daughter and ex wife doesn't want anything to do with it and wants to sell the minute the father passes away?
But does Jeff still have any say at all? For instance if he comes across a sweet deal on a tractor can he buy it or does he have to ask? Or out of respect for his experience can he just go do it and you and your brothers accept the fact he made a good choice and pay for it? Also how many acres all together are those Wheeling road fields? I guess I never paid attention to how big those two fields really are. It's different seeing them from the sky view, versus just the road.
oh my, be so careful someone doesnt blindside you, get your dad/mom to sign paperwork they are not familiar with and lose y0our portion. happened to my wife by two adopted children, she lost a couple 100 k, as the only living natural child.
I cant find it now but someone said something like fair is not always even.. when u have someone who has off farm job and helps every nite .owns alot of the equip .and 3 that come for breakfast every two weeks.even is not fair.
I think we’re all in the same boat where I can honestly say that you just kicked a lot of us in the ass !! Cause this is something you keep dragging on. I just made my phone calls. Thank you. A bit of constructive criticism, my friend just put a slow slideshow When you green screen. 🙏🏻 God bless
Planning is IMPORTANT!!! I took over my Dad's half of the farm and became partners with my Uncle....there wasn't enough planning and I ended up basically getting pushed out and sold my half. It sucked. The lawyer that managed the deal was a crook.
You have added eight languages in the video caption but have not added Urdu language. why why From pakistan.Urdu language is spoken and understood in Pakistan please add urdu language You have added Indian language in the video caption. But Pakistan language is not added ❤❤❤❤Please add Urdu language please please
Great job Kip!!! I was the only son with 4 sisters and worked shoulder to shoulder with my dad every day. My sisters all got 4 year educations and I became a full time dairy farmer the day after my high school graduation… my sisters were included in the will but the farm was not broken up. My dad told me “fair is not always equal”.
I would love to see an interview with your dad and brothers about the history of the farm. God bless you all!
Kip, i own a construction company. And my son has started slowly transitioning into my role. So I completely understand the process as a whole. Just wanted to say you did an excellent job explaining the process farm or any business for that matter. There is a lot to wrap your head around in this process but you put it into simple terms for people that are new to it..Great job!! People need to learn to be ahead of the game and protect what they’ve built.
Very top notch job Kip explaining this process .You do such a great job on your videos thank you.
Boy not too many farmers would share this kind of information with the world...and so concisely. Thank you; you did an excellent job giving a brief outline with helpful information. We're roughly the same age, as well as our fathers. We've been working on this and started about 8 years ago by going to seminars, and you're right, it was not easy. The old boys sometimes have a hard time relinquishing control...some worse than others. I feel we've made progress, but it's on-going. Thanks again and God Bless.
First from a dairy farmer in Ireland
Great video
A topic that should be talked about and is not.
Well done sir....
Awesome video! Glad that you and your brothers and dad have a plan! Good for you!
I know in the 80 90 and early 200 the old man would not lose control of the farm I am really glad your dad was able to do that
That was a great passionate reminder.
This is great - I was in the estate planning arena for 40 years. People need you advice to plan and work out the details before there is a crisis - bless you, great job
Kip. While i am not in your circumstances, without a doubt your presentation was right on point. Well explained and i hope it works out for all the brothers and your families and most importantly your dad. You are a straight shooter and with your leadership your family will get it done!
What important words of advice! We don’t know what tomorrow holds and we definitely shouldn’t delay getting our plan in order. Parents want to see things in order so don’t be afraid to approach them.
I TOTALLY ENJOYED WATCHING THE VIDEO KIP 😊
My dream is always to start a dairy farm, So thank you!
It’s kind of a coincidence you made this video I’m 34 going to be 35 and my dad is 68 and I am taking over for him starting this month very informative and I just went through this.
My family has a history of buying farms or entities as the elders retire in stages. My dad farmed with his dad and bought the farm from his mom after his dad passed away. I farmed(cattle chickens and hay) with my dad and he has long since retired and the chicken entity was sold to someone else(I had enough) and when he was ready I bought some of his land and my son who has farmed with me bought My dads cattle. It helps that each of us had a vested interest in it with our own operations going when the elder family members wanted to slow down. Youngers need to step up a long time before it becomes a necessity and the elders need to make room for the youngers if a farm is to stay in the family. I now live on land that has been in my family for over 100 years. It is work that is worth working out.
First time I caught one of your videos. Really enjoyed the candidness of the conversation. Many thanks, Sir!
Excellent subject and well-spoken Kip! I'm in my 60's & that comes with wisdom. I do not need much to live on & understand your Dad's point of view. Your farm is a very complex division with many assets. I love that you talked to a wise farm finance man. Your family farm is run on sweat equity, but all the assets are essential to run the business. I don't think people always understand all that goes into a business & how many losses can happen to eat into profit. From what I see, Dairy Farming is a very expensive business to run, but you really need the land & equipment to run it. There can be NO greed on anyone's part & I think because you all took your time to cover all aspects of post-nuptials, life insurance & and a business plan, you made a clear path! Like you said, no one knows what someone's thinking, so slow & careful through the generations so that the family business can go on. Your family is wonderful & I'm so thankful you talked about it. We never know what can happen in life & losing your precious Mom made y'all plan. God Bless your Mom & Dad for your great family💙
Great to see you figure it all out and able to give advice for others to see and know. My wife and I didn't have the privilege of taking over a farm. Instead we ventured out on our own. Starting with nothing. 15yrs later we are still hanging on. Lost 1/2 our herd in 2017 from an incompetent nutritionist. Been a struggle since. Isn't always easy to watch or see others have it easier. Have a cousin who couldn't decide if he wanted his dad's farm or not. His dad in his mid 70s finally up and sold it. So for those of us who don't have that opportunity. Please understand how it can be difficult and even make one think "it must be nice". Thank you.
Great but tough subject. This should be so valuable to so many farm families.
Spot in advice Kip. It is a challenge but well worth it. The next generation is the challenge. Now you have 4 partners, the next generation will have 12 partners. It gets complicated if you don’t address it and plan now.
It's the age gap in grand kids that's a challenge for the next generation
Excellent presentation kip great information
Great video Kip and good sound advice. Stay warm and safe in the cold spell👍
One of the best videos I've ever watched UA-cam. Thanks, Kip!
Very very very wise advice
That was a very thankful video, so many do not plan and the farm is sold for various reasons. One thing I wish you would talk about is what is to happen if the farm hits hard times. I went through the 80's and things can change in a year or two.
Excellent Video!! 👍
Great advice for any family owned business.
Outstanding discussion on this topic , Kip , you did your homework, thank you for sharing, continue on , stay safe , enjoy , this family always working hard , team work !
Well done. Very sensitive discussions. Needed.
Hey Kip. I just went through this same thing with my parents on the family dairy farm. For me, we did a lot of the same things that you mentioned in this video and for us it took me leaving the farm for a while to get the conversation going.
Best video yet. Appreciate you being so open with your viewers.
Great video good points made, good luck to your family, your Dad should be very proud,he and rest in peace mother raised some great sons
Well done! The gifting process is very detailed and very appropriate for your subject matter - especially the life insurance and post-nup concept. My family went through a similar process, but then my brother ended up getting a divorce and lost 1/2 of it.
Awsome video. Glad to see you all had a plan.
Thank you for making this! I am 15 years old going on 16 and my grandfather is 72. Now I know you might same I’m too young to worry about this, but I will start farming along side him as soon as I finish high school. We have a farm in Illinois around the price tag you talked about that farms corn and soybeans. I am having a tough time considering having this conversation with my grandfather. My mom and her two sisters are already built into the will and I have a tough time justifying buying the land because of that. This really helped me build the base of how I think I am going to work this out. Especially with the taxes in Illinois being so severe. I am hoping god will help me through this. Overall what I have to say is just thank you.
Great, Great stuff, Kip, you're killin it. You should have finished with "Lets Go"
Great advice thank you 😊
I am not a farmer but retired from the city to the country around many farms. I understand the "fair is not aways equal" concept when there are multiple siblings who may choose or not choose to farm, but I think in many cases the decision as mom and dad become older comes down to do we keep the family farm and risk breaking up the family, or sell the farm and try to keep the family (or most of the family) together.
Great video kip such important information thank you so much I think this will help a lot of people
Great job Kip explaining how any family business should work that the one whoever started the business needs to put it in motion & paper & all agreed.
This video is invaluable to many family farms. Thank you for sharing your wisdom. Keep in mind that if you do not already have a trusted farm accountant or lawyer to help you through this, it may take awhile to find one. DO NOT WAIT until Dad is late in life.
Thank you kip! I really appreciate the advice and knowledge you just gave ou and for explaining it so well!
Excellent video as always Mr. Siegler!
What a fascinating and well explained video on a very personal and sensitive subject. Unfortunately for me what I thought was an agreement based on trust and respect was in fact not there and cost me the future I thought I was working for along with my health. So I'm glad that you and your families were able to approach this in an adult and open way, it's emotional and that showed. Thanks for sharing this with us. Here's to a fantastic future for you all.
Thats a tricky situation..... Every farm is unique..... Sounds like you guys have the bases covered..... With all parties best interest in mind..... Congrats.
Good talk sir, i already passed this situation but from my own experience this is the way to go,thanks and greetings from a Dutch dairyfarmer
Great job with this topic and video Kip.
Great advice Kip, thank you!
Great video Kip. This is a very big deal as to many farms are falling apart because they don't prepare. You're Mom and Dad are very proud of you and your Brothers. Keep up the great work.
Hi Mr kip, nice cows
Thanks for a great video Kip. It was most interesting.
Kip, i give you credit for talking about a difficult subject. But the bottom line is to protect the farm.
I have been thru this myself many years ago. Nobody was prepared and thus it took a lot of give and take to get things settled up properly.
Kip you talked about good subjects. Things to do in advance. Very good video. Hopefully your talk will help others get started with this process. Important to do.
Good video Kip. You all take care. The Iowa farm boy. Steve.
Great video, Kip!!
My folks just started this process a week ago. My dad thought it was a couple of meetings and done. Not the case as he found out.
Some great advice there!!
TY Kip,, this was literally,,, life changing/ saving for some!! Great work brother!!
Nice job Kip.
Morning great video man! Have an awesome day. Thank you!
Wow, great stuff
Hey Kip, Great video with important subject matter. Definitely one of your top 3 videos to date.
Right on Kip
When I was 18 my dad passed away and we had a dairy farm with milking right around 60 cows. We had pigs a well and raised our own calves up to milking cows. My mom asked if I wanted to take it over but I just couldn't do it. It was too much for just me. I had 3 sisters but I don't think any of them wanted to farm everyday. So my mom made the decision to sell the animals. Since then iv gotten married and we have a small beef farm now and we bought the original family farm and live there as well. There's definitely a lot of days I think about what would it look like now if I would have kept the dairy going. It's hard but we still have a part of it going and make a little money on it but my wife and I still have full time jobs. Maybe one day we can get big enough to not both have to be working full time jobs but I guess time will tell
Priceless information.
Thank you for this honest video!
A lot of wisdom in twenty minutes. I was an ag lender for many years and transition planning and implementation has always been tough. I can see the benefits where successful transition planning over multiple generations has put the current operation in a strong position. It is also more than assets and money, it is also a successful transition of management responsibilities. Due diligence by all parties to seek qualified legal, financial and accounting assistance is crucial.
The problem I have is I can not find a farmer that is looking to hand down a farm to someone that has done it for many years for farmers that have children hats off to the ones who are willing to continue this awesome lifestyle
Great points Thanks
ABSOLUTELY COULD BE BAD IS RIGHT!! Amen young man getter done now!! I am living proof that these things work done by mom and dad. Lost both in 1 year and two days 😢. THANKS YOUNG MAN !!
Awesome...very interesting...God bless you all..❤❤❤🙏🙏🙏🙏
Great video
Hi Kip Do you watch 10th generation dairyman They are really changing to the new way of farming Building 3 big upright silos
Great vid Kip
… thank you … tough job, well done… your prayers have led you …
One of the best yideo you. Have ever made great Job thank you very much it has helped. US a lot
Most non farmers don't understand farming life, especially dairy farming. You are working more hours and days than virtually any other job. You wouldn't do it if you didn't love it, but you also sacrifice your life for it.
Kip you right my mom did not have not set up for me bean ADHD have we got my aunt doing it now and thank God for that what she's doing you're right it was hard yeah she had nothing set up for me or nothing in the bank or at all you're right. Bring his point back to me big time
Very good thank you
This doesn't just apply to farmers even businesses can go under because the the major stakeholder dies, even if they had a will it takes time, employees aren't getting paid suppliers aren't getting paid until it's all settled.
Is your dad going to continue to help out on the farm?
Look into life time estate also. You have to be careful how that is worded also. You can give your parents lifetime estate which is fine but if they end up in the nursing home you could end up pay for that also.
For 2024, the federal estate tax threshold is $13.61 million for individuals, which means married couples don't have to pay estate if their estate is worth $27.22 million or less. For 2023, the threshold is $12.92 million for individuals and $25.84 million for married couples
What would ya say if the son wanted to keep the family farm but the daughter and ex wife doesn't want anything to do with it and wants to sell the minute the father passes away?
But does Jeff still have any say at all? For instance if he comes across a sweet deal on a tractor can he buy it or does he have to ask? Or out of respect for his experience can he just go do it and you and your brothers accept the fact he made a good choice and pay for it? Also how many acres all together are those Wheeling road fields? I guess I never paid attention to how big those two fields really are. It's different seeing them from the sky view, versus just the road.
Can a nursing home go after a trust
Does it have to be family. I'm hoping to take over a farm but I'm not family.
oh my, be so careful someone doesnt blindside you, get your dad/mom to sign paperwork they are not familiar with and lose y0our portion. happened to my wife by two adopted children, she lost a couple 100 k, as the only living natural child.
I cant find it now but someone said something like fair is not always even.. when u have someone who has off farm job and helps every nite .owns alot of the equip .and 3 that come for breakfast every two weeks.even is not fair.
that happend to my family. my one brother had a stupid wife who wanted him to get out , so he did at a 50 percent discount
I think we’re all in the same boat where I can honestly say that you just kicked a lot of us in the ass !! Cause this is something you keep dragging on. I just made my phone calls. Thank you.
A bit of constructive criticism, my friend just put a slow slideshow When you green screen.
🙏🏻 God bless
What do you do if you’ve got children and they don’t want to follow in your footsteps?
Don't worry the government will be trying to close all loop holes as you speak .
Planning is IMPORTANT!!! I took over my Dad's half of the farm and became partners with my Uncle....there wasn't enough planning and I ended up basically getting pushed out and sold my half. It sucked. The lawyer that managed the deal was a crook.
Sad
Even with a lot of planning, someone can get pushed out by some aggressive/abusive partners
You have added eight languages in the video caption but have not added Urdu language. why why From pakistan.Urdu language is spoken and understood in Pakistan please add urdu language You have added Indian language in the video caption. But Pakistan language is not added ❤❤❤❤Please add Urdu language please please