Grainswest - Spring 2024

Spring 2024 grainswest.com 29 of view. It prompted them to picture what a reasonable future for the land could look like, and what role they may or may not play in it. A recurring word that became a theme during the transition was heritage. The daughters love the farm and want it to continue to honour the legacy created over the last 98 years. “All of them wanted to see it continue, and they would rather have a piece of the farm than money,” said Duncan. Duncan noted the conversation shifted into “high gear” when his son-in-law Ty asked if he would finally become a farmer the day Duncan dies. What went unmentioned in the quip said it all. “Just that one statement was all it took,” said Duncan. After harvest 2022, the conversations ramped up. The family enlisted the help of two farm advisors, Annessa Good at Farm Credit Canada and Don Oszli, a partner at Pivotal Accounting LLP in nearby Red Deer. By early 2023, the two non-farming daughters had a change of heart. They had little interest in finding renters and upkeep and maintenance of their land. The two decided a cash payout was their preferred option. Their money will come in the form of a future sale of one quarter-section of land, which is eligible for development, that they share. Even with co-operative children, Duncan admitted to feeling frazzled by even starting the process. He said Oszli was a life saver. After their return from Palm Springs last March, the Duncans sat down in Oszli’s office and began the process. Oszli has worked with hundreds of families throughout his four-plus decades in accounting. He asked the Duncans many questions about family history, established which members will be involved in the succession process and began to draft a roadmap. In June, the Duncans returned to Oszli’s office. He presented a detailed inventory of their assets, an outline of the potential land transfer and a process to navigate capital gains taxes, which, again, was Duncan’s biggest worry. By the end of the meeting, a weight was lifted from his shoulders. “We came out of there with the biggest smile. We were like, ‘Wow, that was easy.’ He drew out an absolute perfect plan that we could give to the kids and say this is what we want to do.” Families should budget at least one year to complete a farm transition, if not longer, Oszli recommends. Not surprisingly, the process becomes trickier when more than one child is involved. The process can simply begin with a conversation that involves incoming and outgoing generations. With a succession plan in place, Laurie and Dennis Duncan are assured their farm legacy will continue. Their grandchildren (from left to right) Reuben, Clara and Leroy will experience a country upbringing while parents Shelby and Ty Lethbridge can plan for their own farming future.