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Farm Transition Planning Has Changed!

Remember the days when children grew up on the farm?  And learned the trade. They took over the farm because that was what was expected of them. The only things transferring ownership were the land, a truck and equipment. There were no questions asked, it is just what the family did. 

Well those simple days are gone. 

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We are living longer. And our farm children have more opportunities, college plans and careers of their own. 

You may have children across the country, as well as ones that work on the farm. How are you going to transition all your assets? What happens when you retire? Who gets what? Who wants what?

As you may know this, is only the tip of the iceberg. You can’t and shouldn’t do it alone. 

 

Don’t Fret! We can help you get through this! 

 

 

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How does it work?

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So here’s the great news. It’s a step by step process and you begin with one simple step. That is why we created this document. We have been refining this process for years. The first step is to download the Farm Transition Planning Tool that we created. It is essentially what we would walk a client through on the first meeting with them. It’s a perfect place to start. This tool has six parts:

  1. Where are you today? This helps you identify what items should be done, what items are already done, and when they were last completed. It takes about 20-30 minutes to complete.
  2. What is important to you? These are some very important questions about what you might want from a transition plan? It helps you quickly get to the core of what you are looking to get out of a successful transition. There are 3 questions, but they are big ones. It’s a great feeling to know you are asking the right questions.
  3. Identify the Operational and Financial specifics. This walks through high level questions on how things are currently working on your farm. This should take about 10 minutes. It may also prompt some great conversations between you and your Management Staff. 
  4. How is your family structured? This piece asks about your children and other family members that may effect.
  5. Transitional ideas. You need to ask them and you need to answer them, or, unfortunately, someone will answer them for you. 
  6. After the transition decisions. This piece is where we ask you a series of simple questions where you get to dream about what life looks like beyond your daily involvement. Knowing what you’d like retirement to look like is a really great exercise in figuring out how to plan for your future. 

 

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Still not sure if this tool is right for you?

This check list should help.

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I own a family farm and want it to continue working beyond me.

 

Yes.pngI am part of a family who owns a farm and I am concerned how the transitions are going to work. 

 

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I work hard for my family and my farm and I don’t neglect my responsibilities

 

No.png    I want someone else to decide what happens to my legacy. 

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About Barrett Financial Services

combine-harvester-at-work-from-birds-eye-view-2-picjumbo-com.jpgWhy Our Firm?

Our value-based approach to Financial Planning seeks to provide you with the freedom and confidence to do what you want, when you want, with the people you care about most.

Who We Are

Barrett Financial Services was established in Chico, CA in 1960. Our mission is to serve the community by providing objective financial planning. Fifty years later, we remain committed to upholding the same standards of professional conduct, ethics, as well as the values as set forth by the CFP Board and the Financial Planning Association.

Who We Serve

Our independent Advisors and experienced Financial Planners partner with individuals and families seeking purposeful planning—a value-driven approach that aligns financial values with personal values.

Farm-Transition-Tool-About-Us-Valley.jpgWhat We Do

Helping you plan for the life you want is our number one goal. We guide you in building, managing and preserving your wealth. This is accomplished through a comprehensive and personal approach to financial planning.

How We Do It

Our team of CERTIFIED FINANCIAL PLANNERTM professionals and qualified support staff are very experienced in our business. Our expertise includes; financial disciplines, retirement, investment, taxes, estate, and legacy planning. We approach wealth planning with a clear understanding that each client has different goals and objectives. We will assist you in developing strategies that will align your personal values with your financial objectives.

 

Your Advisors:

Mark Barrett, CFP® President

CA Insurance License: #0539233

Mark Barrett is a CERTIFIED FINANCIAL PLANNERTM professional and the owner and president of Barrett Financial Services. Since 1983 he has served a broad range of individuals, families and business owners seeking to align their financial and lifestyle goals. Mark specializes in retirement and pre-retirement planning, estate planning as well as specialized situations/high net-worth planning.

He received his undergraduate education at California State University, Chico and his designation as a CFP® professional from the College for Financial Planning in 1984. He is a Life, Disability and Variable Annuity licensee and is a registered representative with LPL Financial.

Mark is President of the Boys & Girls Club of the North Valley and a member of the Chico Noon Exchange Club.

Mark, and his wife Deborah live in Chico, CA. Deborah serves as the Chief Financial Officer for the firm. When Mark’s not working, he enjoys fishing, hunting, woodworking, and travel.

 

Mark Burns, CFP®

CA Insurance License: #OB29920

Mark Burns is a CERTIFIED FINANCIAL PLANNERTM professional and longtime resident of Paradise, CA where he has lived for nearly five decades. For more than 20 years, he has focused on helping families, corporate executives, and business owners in Paradise and surrounding communities to pursue a broad range of goals through an approach to planning that places their needs first.

He began his financial services career at Paine Webber/UBS in 1992 and joined Barrett Financial Services in 2009. Mark owned and managed Paradise Foster’s Freeze from 1979-1992. His hands-on experience and deep understanding of the needs and challenges business owners face makes him qualified to provide insightful and timely advice to business owners and their families.

Mark graduated from Paradise High School in the top 10% of his class and went on to receive a degree in Biological Sciences from the California University, Davis. He also attended Simpson College where he focused on Bible studies. He is a Life, Disability, and Variable Annuity licensee and is a registered representative with LPL Financial.

Mark and his wife Lee Anne have been married for 35 years and have two daughters, Carrie and Jenny. He remains active in the community where he has served and supported a broad range of organizations over the years including; Paradise Alliance Church, Boy Scouts of America, Jesus Center, and the Boys & Girls Club of the North Valley. He is a member of the Nor Cal Officials Association – Golf. In addition to golf, Mark enjoys free diving, snow skiing, and camping. In recent months, he has trained for and participated in several triathlon events.

 

FAQs

What are your qualifications?

Our independent advisors are CERTIFIED FINANCIAL PLANNERTM professionals. Only a select group of planners have met the rigorous education, examination, experience, and ethics requirements set forth by the Certified Financial Planner Board of Standards, necessary to call themselves a CERTIFIED FINANCIAL PLANNER™ professional. CFP® certification is a symbol of an advisor’s knowledge and credibility among his or her peers, and indicates the advisor’s status as a qualified and trustworthy financial planner.

What is an independent planning and investment services firm, and how does that differ from other service firms?

As independent CERTIFIED FINANCIAL PLANNERTM professionals, We serve clients in a fiduciary capacity, which requires us to place your interests first. We have no obligations to investment product providers and are not subject to quotas or home-office directives.

We have a relationship with LPL Financial; the nation’s largest independent broker/dealer, as reported in Financial Planning magazine 1996-2016, based on total revenues. LPL Financial has no proprietary products.

How are you compensated for your services?

Our fee-based financial planning services begin at $500.00 for your initial Financial Blueprint, and we charge a minimum of $3,000.00 for a complete financial plan, based on your needs and the complexity of the engagement. A complete list of our fees and charges are available upon request and are provided in the planning packet each client receives prior to engaging our services.

Other firms provide financial plans for free, why don’t you?

The old adage holds true: “You get what you pay for.” While many advisory firms offer boilerplate plans at no charge to capture investible assets, often they receive commissions from the products they sell you, which can create conflicts of interest in regard to the advice provided. At Barrett Financial Services, we believe that true and objective financial planning should be driven solely by your needs, not commissions.

Do I have to move or change my investments to Barrett Financial Services?

The simple answer is no. As part of your financial plan, we will make investment recommendations. However, you are free to choose where your investments are held.

 

Why are “values” such an important part of your planning process?

While money is an important component in the pursuit of financial security and personal fulfillment, financial objectives must be balanced with other considerations. In our experience, those who have attained true happiness and fulfillment in life have also achieved alignment between their personal values and financial goals. A plan that reflects what matters most to you family, community, the charities and organizations you support, and your legacy. These play an important role in helping you to, not only organize your finances in an intentional manner, but live your life with true purpose.

 

I already have an insurance agent, attorney and/or CPA. Can I continue working with them?

Yes. In fact, we believe that it is in your best interests to continue working with the professional advisors you know and trust. We will work closely with your advisors to coordinate the advice you receive.

 

Is my spouse/significant other required to attend planning meetings?

We believe that education, understanding and communication form the cornerstone of a sound financial plan. As a result, we believe it is very important for all interested parties to attend planning meetings.

 

Are you accepting new clients and do you have a minimum account size requirement?

In an effort to provide the high level of personalized service each client deserves, we only accept a handful of new clients each year. The majority of our clients are referred to us by existing clients. Typically, new clients come to us with investable assets of $300,000 or more. We choose to work with families and individuals who value a long-term professional relationship and are motivated to seek out and follow objective and professional financial advice and guidance.

 

I don’t live in your area. Can I still partner with you?

Yes. We work with clients in many states across the U.S. While we prefer face-to-face meetings, effective meetings can be held through a variety of online tools

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