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Saskatchewan | Our farm is set up on a shares. There are 3 brothers that are working on the farm and are currently working on dividing up the farm shares. The shares are not equally divided, oldest brother has the most, hes the oldest and has the most time spent working on the farm. Same formula for myself and other brother. Some of the shares have been gifted to us(as part of inheritence) some we have to buy. We have 4 non farming siblings and families that have nothing to do with the farm. As part of our companies structure, the farm has a life insurance policy on our parents so that the non farming children get the insurance benifits from our parents as their share of the family farm. The best thing our farm has done, is to get a succesion plan in place, and hiring a reputable company to help us out with it. The company that helped us specializes in farm succesion and it has been very good for all the families involved to see the process and what is needed. It is a long process it will be atleast 2 years long by the time its all done. | |
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Buying the farm
