When you think of Kansas, images of land, a barn or two, some tractors and combines, and a farmhouse are sure to come to mind. Located in Morris County northwest of Council Grove, Leland and Hazel Parker’s home reflects this image of a Kansas farming family. Having raised their five kids on their family farm, the couple now follows their grandkids, attending as many games and performances as possible.
Like most farmers, the Parkers are not retired. Far from it. While their son, James – or perhaps “Jim” and at times “Jimmy” - has taken more and more of a role in the family business, Leland continues to work every day while Hazel supports him, Jim, and others. On a farm, there is always work to be done.
Part of that work also entails succession planning. Farmers are in a unique position: self-employed and typically owners of expensive equipment as well as land, an asset that has almost assuredly appreciated in value over time. These days, there may not be a family member who wants to take over the farming operation. In the Parker’s case, this is not true. Jim has been working alongside his dad since he was old enough to walk, and he plans to be the third generation to farm the Parker family’s land.
While this is in many ways ideal, it makes estate planning complicated. Knowing that many of their assets are tied to the farm, how do Leland and Hazel fairly pass along resources to both James and his four siblings? How do you divide non-cash assets? What if something happens and one of the children pre-decease Leland and Hazel? How do they support the grandkids they love so much?
Lots of questions. And fortunately for the Parker family and others, the Kansas Methodist Foundation offers the services of an expert estate planner, John Griffin, Jr. Esq. With 33 years of experience in estate planning, including extensive experience with farm succession planning, John and his firm Stewardship Counseling, LLC, worked with the Parker family to update an existing plan and put new terms in place.
By including Jim in the discussions, the family was able to work through tough questions and address issues of fairness together. In the end, a new plan along with updated supporting documents provided Leland and Hazel with the peace of mind they were seeking.
Like many of our faithful Methodists, the Parkers are stewardship-minded. Practitioners of sustainable farming and livestock practices, the Parkers desire to not only steward well the land they have been entrusted with but also the rest of their assets, always focused in actions that produce the most good. Thanks to KMF, John Griffin and the Parkers worked together to accomplish this goal.
If you would like the opportunity to meet with John Griffin to either review an existing plan or create a new plan, please contact Tyler Curtis at tyler@kansasmethodistfoundation.org or at 620.664.9623. John’s services are offered at no cost to you as a service of the Kansas Methodist Foundation.
