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November Dollar ene Partnership help keep farm in the family By Aane Starret When a person has a Job that carries a the prospect of retirement within a few often a pleasant one But middleaged farmers have concerns peculiar to their vital role as providers of food They don receive a pension as such and though their farms may be very valuable they have to sell them to realize that value The answer for many farmers is a farm partnership a sort of phased withdrawal that gives the father sufficient control while the adult children take on more responsibilities look first at Dad s position If be Between 50 and be will usually want to ease up on his burden passing along some responsibilities to bis children But be won t want to quit totally and be certainly wont want to give up control Prom the childrens viewpoint many farms are worth so much that a son who didnt eventually acquire control of his parents farm could not afford to buy his own So he wants assurance that bis parents wont sell A common concern by the wife of the farmers son is that if her husband should die early she would have no claim to ownership of the property That concern can snowball and become a chronic worry The forecast for today is VERY MILD Rye Whisky From Chgers A partnership agreement is often beneficial but it poses its own questions In particular the younger generation should probably prove itself before a for mal agreement is drawn up but bow long should this testing period be If Us too long the son may feew hes working for nothing while the parent may resent log up control Marital problems are also a factor Farm families should look at the provision of Ontarios Family Law Reform Act that entitles spouses in most cases to equal por tions of family assets in the event of a mar riage breakdown no matter who has title This could result In the farm being sold Other questions to ask Can the farm support two or more families Would han ding over the farm to the children create hardship for the parents Would the younger generation be willing to work as hard as the parents and forego vacations to get ahead If theres a of selling the form GSS Office 4pies Choose from our wido selection of Christmas cards Phone and reserve a Christmas Card Order Catalogue- Free of Charge DRG JUMBO STENO BOOK 400pogobook Reg 99 DRG COMPUTER PAPER 3000 2500 M995 Save for a home with a Mutual life RHOSP There Is no fee or charge when you buy a Mutual Life All your money starts working for you immediately It grows at a high rate of Interest and while the rate may fluctuate it will be competitive with current interest rates Contributions are tax deductible and both your contributions and the Interest they earn are tax free if they re used to purchase a home Before you buy a RHOSP or make another contribution to one you already own look at Mutual Life s 8774579 3460 Mutual Ufe of Canada at a nigh price are the parents willing to share the proceeds with the children who have worked the farm to date Before a partnership if entered into would the older generation be willing to put an agreement in writing to defer to the childrens decision to give suggestions rather than orders and to accept that the childrens families may get higher priority than the farm Can the younger generation accept the advice and give it a try to take over only gradually to take on an increasing workload without resentment If the two generations can give a firm yes to these questions they would make good partners If the answer Is maybe with conditions the success of a farm partnership is less assured Dollar Sense offers general financial advice by members of The Institute of Chartered tana of Ontario Anne Starret Is Pope A Starrer Georgetown Century farm signs available The Junior Farmer Association has Century Farm signs available for farm families who have had a farm in the family name for 100 years or more The project started in In Centennial year is being carried on as an ongoing project New farms since 1967 that became years in the family are eligible to pur chase a sign Applications for replacement or for or a sign are available from the Agricultural Office POPE a CHARTERED ACCOUNTANTS 232 Guotjh Street Hatton Hlh IQwugetownl Ontario 17G4B1 8731601 CUSTOM BUILT OPEN HOUSE SUNDAY NOV 2UOUEENST ROCKWOOD BOWMAN Royal City Realty Ltd