As the number one farm insurer in the United States, Nationwide knows that farmers and ranchers devote their lives to building a legacy. Nearly 97 percent* of farms and ranches in the United States are owned or operated by families, but the majority of those families do not have a transition plan in place for when it comes time to pass the business onto their children.
Because of this discrepancy, Nationwide created the Land As Your Legacy program to help farmers plan for their future. The Land As Your Legacy program partners farmers’ financial advisors with Nationwide’s Advanced Consulting Group, who have a history of working with farmers. With the goal of eliminating chance from the equation, the Land As Your Legacy team helps farmers through the five elements of transition planning:
1. Succession planning: the successful transition of a farm of ranch to the next generation
2. Business planning: a strategy for profitability now and in the future
3. Risk management: identifying and preparing for risks to an operation
4. Financial independence planning: ensuring financial independence from the farm operation after retirement and mentorship training for the next generation
5. Estate planning: how assets will be distributed and liabilities paid
The program has already helped numerous farmers secure a legacy plan for the next generation.
Earlier this year, the Land As Your Legacy team took its commitment to farmers even further by providing a $10,000 donation to Nationwide’s Nominate Your Fire Department Contest in correlation with Grain Bin Safety Week. The campaign is designed to donate rescue equipment to fire departments around the United States to help prevent grain bin entrapment tragedies.
Visit here to find out more about Nationwide’s Land As Your Legacy program.