BALANCING THE FINANCIAL security of the senior partners in a farm transition while leaving the operating farm finances in a healthy situation can be challenging, but necessary."The technical, or numbers side, of a farm transition is easier than dealing with the emotional issues that come with such a significant change," says Mike D'Alessandro, certified financial planner with Park Place Financial. "But figuring out how much mom and dad need for retirement and balancing that with the current finances and long-term financial outlook of the family farm also takes honest, and sometimes tough discussions."
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