In this episode, I sit down with Kevin Hegedus, Certified Financial Planner and founding partner of PWM Private Wealth Counsel, for a practical conversation about how to align vision with siblings and/or spouses when there’s lots of disagreement.
Kevin brings years of experience helping farm owners and families sort through the financial intricacies and reach retirement confidently. Together, we explore misalignment between spouses’ vision for retirement and transition timing, and the value of early planning and using tools for transition.
We discuss the 3 key farm transition snapshot points; the difference between equal vs. fair inheritance; and the importance of family meetings, celebrations, and communication. Kevin also brings valuable insight into contingency planning and long-term care for aging farmers.
If you or someone you know is struggling to find alignment with their farm spouse or siblings, this episode is for you.
“It boils down to having those early [planning] conversations. None of us are going to be here forever, so how do we make sure that what we worked so hard for transfers to the next generation properly.” – Kevin Hegedus, PWM Private Wealth Counsel
Resources Mentioned During This Episode
- PWM Private Wealth website: https://www.pwmprivatewealth.com
- financial planning, retirement, and succession resources
- Money Sense Radio Show: https://www.pwmprivatewealth.com/radio
- weekly insights on planning, tax, and retirement
About Our Guest
Kevin Hegedus is the Founder and Managing Partner of PWM Private Wealth Counsel in Saskatchewan. A Certified Financial Planner and Registered Portfolio Manager, Kevin has more than 25 years of experience guiding families, business owners, and farm operators through complex financial decisions. He specializes in connecting investment, tax, and estate planning strategies to help clients achieve clarity and confidence. Kevin is also the long-time host of the Money Sense radio show and a regular speaker on topics such as retirement income planning, succession, and intergenerational wealth.
Elaine Froese Resources:
- Watch this episode on YouTube.
- SPEAKING – book Elaine for your next event
- COACHING – explore Farm Transition Coaching
- MEMBERSHIP – become a Farm Family Transition Member
- FREE STUFF – downloadable tools for your farm transition
- CONTACT – take the next steps in your transition
- BURNING QUESTION? Submit it here
Farm Family Coach Social Media Links
Timestamps
[0:00:36] — Introduction & purpose of the podcast (alignment in farm family vision).
[0:03:18] — Identity and challenges of farm business owners.
[0:04:26] — Misalignment between spouses’ vision for retirement and transition timing.
[0:06:57] — Three key farm transition snapshot points: income streams, housing, fairness.
[0:08:36] — Scenarios for retiree income and transition, selling equipment, rental of land.
[0:12:58] — Financial transparency, farm women, and discovering hidden wealth.
[0:13:49] — Managing sibling disagreement and succession, splitting the farm.
[0:16:53] — Equal vs. fair inheritance, the role of insurance for fairness.
[0:19:01] — The value of early planning and tools for transition.
[0:21:26] — Building personal wealth, tax-free savings, and retirement income.
[0:23:22] — Fee structure for financial advisors and value proposition.
[0:25:08] — Historical reasons for tax avoidance mentality in farming.
[0:27:25] — Income-splitting, tax strategies for retirement, the importance of financial planning.
[0:29:57] — Income challenges for the next generation of farmers, debt options.
[0:32:05] — Open family discussions for smoother transition and succession.
[0:34:18] — The importance of family meetings, celebrations, and communication.
[0:35:33] — Contingency planning for aging farmers and long-term care.
[0:36:39] — Advocating for women’s roles in planning and independence.
[0:37:53] — The “poison pill” in farm succession and legal protections.
[0:39:43] — Final advice: have open conversations about future planning, income, and fairness.
As of January 1,2025, Iowa does not have an inheritance tax and does not have a state estate tax.
Thanks for the update Steven, many farm families in Iowa will be super happy with this new opportunity for transition.