The Short Version
Legacy Land Advisory is the farmland version of a broader service. The comprehensive planning engagement described in our regulatory filing is built for families with complex needs going through a transition, and it names the sale of a company alongside the sale of agricultural land. For Central Valley families with a net worth above roughly $3 million whose wealth is a business, rental or inherited real estate, or concentrated accounts, the work is the same: plan the transition, read and explain the estate plan, coordinate the attorney and CPA and trustee, bring the children into the room when the family wants that. Same fee-only, flat-fee basis. Same office in Hanford.
We hear a version of this often: "Everything on your site is about farms. We own a trucking company and two rentals. Is this for us?" It is a fair question, and the honest answer has two parts. The site is about farms because that is where this firm learned its hardest lessons, and because the questions farm families ask have one right answer that nobody else was writing down. But the engagement itself was never farm-only, and the regulatory filing that describes it says so.
From Item 4 of the firm's Form ADV Part 2A, amended April 8, 2026: comprehensive financial planning "is tailored to clients with robust and complex financial needs," and clients may retain the firm for ongoing planning "particularly during significant transitional periods in their lives, such as the sale of a company or agricultural land, or evolving estate planning needs."
The brochure is public at adviserinfo.sec.gov, CRD 312745.
Theron Morgan founded the firm in 2021 to serve multi-generational families. The farmland specialization came later, through estate planning work, California probate work, and the law firms that began referring families with land. What follows is what the same engagement looks like when the land is not the point.
The families this fits
The common thread is not the asset. It is a family with more than one generation, enough complexity that a mistake costs real money, and a plan on paper that the people in it do not fully understand. In the Central Valley, that most often looks like one of these:
- A business owner approaching a sale. A packing shed, a trucking or equipment company, an ag services firm, a medical or dental practice, a dealership. The sale is the liquidity event of a lifetime, and the estate plan was written when the business was worth a fraction of the number on the letter of intent.
- Siblings who inherited real estate together. A rental house, a commercial building, a small apartment complex, now owned in equal shares by people with different needs. The co-ownership problem we describe for farm families is the same problem, under the same California partition law, for any real property.
- A family whose wealth is in accounts, not acres. Retirement accounts, a concentrated stock position from an employer, a brokerage account built over forty years, and a trust that names the children as beneficiaries without anyone having checked how the retirement accounts will actually be taxed in their hands.
- A parent's estate heading toward probate. A home and accounts that were never titled to the trust, or no trust at all, and children discovering what California probate costs on the gross estate.
- A family home passing to the next generation under Proposition 19, where the rules are stricter than most families assume.
The complexity line is the same one we use for farm families: somewhere around a $3 million family net worth, estates stop being a collection of accounts and become a collection of moving parts, and the cost of a misunderstanding goes up. Our office is in Hanford and most of these families are in Kings, Tulare, and Fresno counties, as our Who We Serve page describes.
What changes from the farm engagement, and what does not
What does not change is the model. We plan the transition before it happens, not after the proceeds land. Every family receives a plain-English Estate Plan Review of the documents they already have, printed in a form their children and their trustee can read. We prepare the family for the attorney and CPA meetings, go to them, and make sure the open questions get answered and written down. Families who want it add two facilitated family summits a year, where the children hear the plan explained by the parents. If the family wants investments managed, we do that too, under the published schedule. The trustee question is asked deliberately rather than answered in thirty seconds.
What changes is the subject matter of the planning. For a business sale, the questions are about deal structure the CPA and transaction attorney will model, installment terms, what the family does with proceeds that arrive in one year after thirty years of income arriving in twelve, and whether the estate plan drafted for a small business still fits a large bank balance. For inherited or rental real estate, the questions are co-ownership agreements, leases, basis, and whether to hold or sell. For account-heavy families, the questions are beneficiary designations, how trusts interact with retirement accounts, and concentration. We do not pretend the farm pages on this site answer those; the engagement does, with the same team around the table.
One thing farm work taught us transfers directly. The hardest problems in a family plan are rarely technical. They are a child who did not know they were named trustee, a sibling who assumed equal meant fair, a parent who told the attorney a two-sentence version of a complicated family. Those problems do not care what the assets are.
Four California rules that catch families who do not farm
Each one is a question for your attorney or CPA. Each one is better asked early.
The Board of Equalization states that Proposition 19 "limits the parent-child transfer exclusion to a transfer of (1) a family home that is the principal residence of the transferor and becomes the principal residence of the transferee, or (2) a family farm." A rental or second home does not qualify. For the family home, "at least one eligible transferee must continually live in the property as their family home for the property to maintain the exclusion," the homeowners' exemption must be claimed within a year of the transfer, and the excluded value is the home's factored base year value plus $1 million, adjusted every two years; value above that is reassessed. The mechanics are the same ones we walk through for farm parcels. If no child intends to move into the house, the plan should assume reassessment and decide what that means for keeping it.
Children who inherit a rental or commercial building in equal shares own it as tenants in common. Under Code of Civil Procedure section 872.210 any one of them can bring a partition action, and since January 1, 2023 the Partition of Real Property Act gives the co-owners who did not ask for a sale 45 days after notice to buy out the one who did, at court-determined value, where no written agreement governs. A co-ownership agreement, a lease, and a buyout formula decided while everyone is on good terms are the alternative, and they cost a fraction of the litigation.
California sets statutory probate fees for the attorney and the personal representative as a percentage of the gross estate, with no deduction for the mortgage. A $1.2 million home with a $700,000 loan is a $1.2 million estate for fee purposes. Our probate cost page has the schedule and a calculator. The living trust that avoids this only works for assets actually titled into it, which is the first thing the Estate Plan Review checks.
For account owners who died after 2019, IRS Publication 590-B explains that most non-spouse beneficiaries must empty an inherited IRA within ten years, and that a trust named as beneficiary is looked through to its individual beneficiaries only if it meets specific conditions. A trust drafted in 2008 to stretch distributions over a child's lifetime may now compress decades of income into ten years at the child's peak earning rate. The fix is a CPA and attorney conversation about beneficiary designations, and it belongs in every trust review.
What it costs
The same as for farm families. Comprehensive planning is a flat annual fee, with a version that adds two family summits a year; both figures are published on our services and fees page, where a calculator also shows the asset management fee in dollars for your household if you want investments managed. The brochure states there is no account minimum for any of the firm's services. We are paid only by the families we serve: no commissions, no referral fees, nothing from product providers, attorneys, or trustees. The regulatory filing items behind that statement are laid out on the Who We Serve page.
What we are not
We are not a family office. A family office is a staff: bookkeepers, bill payers, in-house counsel, sometimes a chief investment officer. We are one adviser and a coordination model, and families whose scale requires a staffed office should hire one. We are not a law firm or a CPA firm; we coordinate both and attend their meetings, and we do not draft documents or prepare returns. We do not sell insurance, annuities, or investment products, and we are not paid by anyone who does. And we are not a fit for every family who asks. The first conversation is where we say so.
How to start
The first conversation costs nothing and commits you to nothing. Useful things to have in mind: what the family owns and roughly what it is worth, the year the trust was signed and whether anyone has read it since, any transaction on the horizon, and who in the next generation should eventually understand the plan. We will tell you which of your questions belong in front of an attorney or CPA, in what order, and whether our engagement is the right way to get there.
Comprehensive Planning
A complex balance sheet and a plan nobody has read?
A confidential, no-cost first conversation, at our Hanford office, your kitchen table, or by video. We will tell you plainly whether the engagement fits, including when it does not.
Working with a family as their attorney or CPA? Start here.
Common Questions
Families Who Don't Farm:
What People Ask
Do you work with families who don't own farmland?
Yes. Legacy Land Advisory is the farmland version of a broader service. The firm's Form ADV Part 2A describes its comprehensive financial planning as tailored to clients with robust and complex financial needs, including transitions such as the sale of a company or agricultural land or evolving estate planning needs, with coordination of the family's estate attorney, CPA, professional trustee, and other advisers. Central Valley families with a net worth above roughly $3 million whose wealth is a business, rental or inherited real estate, or concentrated accounts are the non-farm families the engagement fits.
Our parents left a rental property to the three of us. What should we know?
Three things. First, you likely own it as tenants in common, and under California Code of Civil Procedure section 872.210 any one of you can bring a partition action; since 2023 the Partition of Real Property Act gives the others 45 days to buy out the one who wants to sell at court-determined value, if nothing in writing says otherwise. Second, a rental home does not qualify for the Prop 19 parent-child exclusion, which the Board of Equalization limits to a family home that becomes the child's principal residence or a family farm, so the property was likely reassessed at your parent's death. Third, inherited property generally takes a stepped-up basis at death, which changes the tax math on a sale. A written co-ownership agreement, a lease, or a buyout plan decided now is far cheaper than any of those questions decided in court.
Does Prop 19 protect our parents' house from reassessment when we inherit it?
Only under conditions many families miss. The Board of Equalization explains that Proposition 19 limits the parent-child exclusion to a family home that is the parent's principal residence and becomes the child's principal residence, or a family farm. At least one eligible child must continually live in the home for the exclusion to continue, the homeowners' exemption must be claimed within a year of the transfer, and the excluded value is the home's factored base year value plus $1 million, adjusted every two years; value above that is reassessed. A second home or rental does not qualify. If no child intends to move in, the plan should assume reassessment and decide accordingly.
Is there an account minimum?
No. The firm's Form ADV Part 2A states there is no account minimum for any of its services. The comprehensive planning engagement is a flat annual fee, published on our services and fees page, and that fee is sized for the complexity that comes with a family net worth above roughly $3 million. Below that line the fee is often more than the planning is worth, and we say so in the first conversation.
Are you a family office?
No. A family office is a staff: bookkeepers, bill payers, in-house counsel, sometimes a CIO. Avidity Capital is one adviser and a coordination model. We plan, we read and explain the estate plan, we convene and attend the meetings with the attorney, CPA, and trustee, we manage investments when a family wants that, and we run family summits. We do not pay bills, keep books, or employ attorneys. Families whose needs require a staffed office should hire one; we will say so if we think that is the case.
How are you paid for this work?
The same way as for farm families: a flat annual fee for comprehensive planning, published on our services and fees page, and a percentage of assets if the family also wants investments managed. No commissions, no referral fees, no payments from any product provider, attorney, or trustee. The Form ADV items that back that description, including zero insurance-licensed employees and no broker-dealer activity, are laid out on our Who We Serve page.
Sources, verified October 2026
Avidity Capital Inc., Form ADV Part 2A brochure, amended April 8, 2026, Items 4, 5, 7 and 10, via adviserinfo.sec.gov. Board of Equalization, Proposition 19 parent-child transfer FAQs (family home definition, continuous occupancy, one-year exemption claim, value limit). California Code of Civil Procedure section 872.210 and the Partition of Real Property Act, sections 874.311 and following. IRS Publication 590-B (2025). Probate fee schedule: California Probate Code sections 10800 and 10810, as detailed on our probate cost page. Laws change; confirm with your attorney and CPA before acting.
Important Disclosures
This page describes a service the firm offers and is educational; it is not legal, tax, or investment advice, and nothing on it is an offer of advisory services in any state where the firm is not registered or exempt. Statutes and regulations are summarized in plain language and have conditions and exceptions not described here. Avidity Capital Inc. does not practice law, prepare tax returns, draft documents, sell insurance, or act as trustee. Quotations from the firm's Form ADV are from the public filing as of the date shown; the current filing controls.
Regulatory Disclosure: Avidity Capital Inc. is a California state-registered investment adviser (CRD# 312745). Registration does not imply a certain level of skill or training. For firm background information, visit adviserinfo.sec.gov/firm/summary/312745.
No Commission Disclosure: Avidity Capital Inc. is compensated solely by advisory fees paid directly by clients. The firm does not receive commissions, referral fees, or revenue-sharing payments from sponsors, issuers, product providers, insurers, custodians, attorneys, or trustees.