{"id":460,"date":"2013-10-03T02:29:59","date_gmt":"2013-10-03T02:29:59","guid":{"rendered":"https:\/\/elainefroese.com\/blog\/?p=460"},"modified":"2013-10-03T02:29:59","modified_gmt":"2013-10-03T02:29:59","slug":"a-farm-widows-business-savvy","status":"publish","type":"post","link":"https:\/\/elainefroese.com\/2013\/10\/03\/a-farm-widows-business-savvy\/","title":{"rendered":"A FARM WIDOW\u2019S BUSINESS SAVVY"},"content":{"rendered":"

Another fatal farm accident report hits my ears, just after presenting to a large group in Westlock Alberta.\u00a0 \u201cAnother young farm widow joins a club she doesn\u2019t ever want to belong to, I wonder how she will manage the farm, her family, herself<\/em>.\u201d I wonder.<\/p>\n

Now that I belong to the \u201cFreedom 55\u201d Club, I am not retiring from my coaching practice or my supportive role to my farming husband. I do think about how I would manage 5000 acres and a seed business if Wes was to die soon.<\/p>\n

How should I prepare to be a young widow? (55 is young, 86 is the new life expectancy for women in Canada). Do you have the courage to get ready to be a widow?<\/p>\n

    \n
  1. Talk about what you would do. Share \u201cwhat if\u201d scenarios with your spouse so that you have a clear indication of their intent and wishes for you to carry on. Consider who you would hire as part of your team of advisers. Find good recommendations via word of mouth referrals and the business directory of www.cafanet.com<\/a>.<\/li>\n<\/ol>\n
      \n
    1. (Canadian Association of Farm Advisors). Use this year to plan a calendar of events of farm activities and deadlines that keep you up to date with farm management. Visit the accountant with your spouse for tax planning.<\/li>\n<\/ol>\n
        \n
      1. Develop a relationship with a financial planner whom you as a couple both trust and respect. This is looking at your lifestyle income needs, your personal investment risk tolerance, and your goals for insuring your debt, estate tax liabilities, and long term care or critical illness possibilities.\u00a0 I don\u2019t have critical illness insurance as the premiums for me were going to be high, so my plan is to sell land if I need the Mayo Clinic. I expect that you know how to write cheques, and balance the accounts. Unfortunately, I have met women my age who never touch the family\u2019s finances! UGH!<\/li>\n<\/ol>\n
          \n
        1. Get a clear picture of what you actually spend on living, because as a widow you\u2019ll be negotiating cash flow with your successors who have living needs also.<\/li>\n<\/ol>\n
            \n
          1. Update and review your insurance. I\u2019m hearing stories about men who are outliving their insurance policies, and not renewing them due to high premiums. They don\u2019t have the $600K cash from the proceeds they intended to share with non-business heirs. They don\u2019t want the farm to pay the premiums. In another case, the dad cancelled the insurance, without letting the family know, and you can bet the grieving family was more than shocked when that uninsured fellow dropped dead due to a heart attack a few years later.<\/li>\n<\/ol>\n
              \n
            1. Ask your accountant all the dumb questions you need to. There are no dumb questions, just lots of assumptions that are waiting for clarification. My chartered accountant is concerned when she interviews farm widows who have never engaged even at a basic level of caring about the farm finances. It\u2019s time to learn more about the balance sheets, debt service and asset values you are going to have to make decisions about! I am saddened to hear from wealthy widows who had no clue how rich they really were, and now are not able to embrace a financial strategy to enjoy their status as their health is failing.\u00a0 Do you have a poverty mentality based on false assumptions about your net worth? Do you have titles with your name on them?<\/li>\n<\/ol>\n
                \n
              1. Check to see that you have an enduring power of attorney with an adult child you trust, and an alternate. If you are a widow and become incapacitated from making decisions, then who do you trust to take care of you? Do this before you are assessed with mental health issues and are still thinking clearly.<\/li>\n<\/ol>\n
                  \n
                1. Make a life binder manual to have all your documents in order and the contact information for advisers, plumbers, electricians etc. You can download forms to fill in at www.rightrisk.org<\/a>. I\u2019ve written about this before, and my binder is started, but needs a blizzard day to get done.\u00a0 As the executor of an estate, it helps to know where all the important papers are located. Don\u2019t forget to locate and write down the current computer passwords.<\/li>\n<\/ol>\n
                    \n
                  1. Encourage your husband to write down all the things in his head that the farm needs to know for ongoing farm management. Men hate to do this. How can you make it easier? I have purchased Dick Wittman\u2019s consulting binder which is full of templates and operating procedures. This might be a great task to tackle with your young successors, who would like to see things on paper while dad is still alive and well to put his wisdom into text.\u00a0 The young widow that I mentioned has a lot of cows to feed, and the ration ratios died with the farmer. What information needs to be shared with your farm team to pass along the managerial tasks smoothly?<\/li>\n<\/ol>\n
                      \n
                    1. Book a spa day when you can celebrate getting all your affairs in order. Or buy your favourite book. Have something to look forward to, maybe a date with your hubby to tell him how thankful you are for his love and provision. Men (and women) have a tough go on farms, and carry a lot of stress around being successful providers. They need some appreciation now, not just at their eulogy.<\/li>\n<\/ol>\n
                        \n
                      1. Start planning your funeral, and ask the funeral director for a template of the invoice your family is going to receive. You\u2019ll be shocked at all the \u201cadd-ons\u201d of services, and possibly you would like to make some pre-arrangements so that your decisions are not made in the emotionally charged days of fresh grief. Ask your husband to tell stories about his prized possessions, and then list the names and articles that he wishes to gift. Better yet, give the gifts with a warm hand.<\/li>\n<\/ol>\n
                          \n
                        1. Ask the next generation to help you build a digital DVD collection of farm photos and family shots that diarize the legacy your farm family has enjoyed over the years. The story is not finished yet but start working on the chapters of your life story now.\u00a0 When my dad died, I relied heavily on a creative memories photo album that I had created for his 75th<\/sup> birthday. Get working on those photo archives and re-live the great memories of cherishing your family.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                          Another fatal farm accident report hits my ears, just after presenting to a large group in Westlock Alberta.\u00a0 \u201cAnother young farm widow joins a club she doesn\u2019t ever want to belong to, I wonder how she will manage the farm, her family, herself.\u201d I wonder. Now that I belong to the \u201cFreedom 55\u201d Club, I…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[],"tags":[351,3,353,314,359],"class_list":["post-460","post","type-post","status-publish","format-standard","hentry","tag-business-planner","tag-communication","tag-farm-family-discussions","tag-farm-mothers","tag-succession-planning"],"yoast_head":"\nA FARM WIDOW\u2019S BUSINESS SAVVY - Elaine Froese | Canada\u2019s Farm Whisperer | Your go-to expert for farm families who want better communication and conflict resolution to secure a successful farm transition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/elainefroese.com\/2013\/10\/03\/a-farm-widows-business-savvy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A FARM WIDOW\u2019S BUSINESS SAVVY - Elaine Froese | Canada\u2019s Farm Whisperer | Your go-to expert for farm families who want better communication and conflict resolution to secure a successful farm transition\" \/>\n<meta property=\"og:description\" content=\"Another fatal farm accident report hits my ears, just after presenting to a large group in Westlock Alberta.\u00a0 \u201cAnother young farm widow joins a club she doesn\u2019t ever want to belong to, I wonder how she will manage the farm, her family, herself.\u201d I wonder. 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