AgriLegacyEvery farm family needs a plan. By creating a solid succession plan, the needs of the family and the intentions for the farms future are covered. Crafting a plan can ensure the financial stability and agricultural legacy of multiple generations. Without a plan misunderstandings and huge business losses are almost inevitable. Not only do tax […]
When it comes time to pass down the family farm to the next generation, there is always the question of who gets what. Should all the siblings inherit equal parts, or does precedence go to the eldest? The answer to this question is, unfortunately, not simple. There are several factors to look at when determining […]
When estate tax issues arise in the wake of a family member’s death, there are a number of questions that will arise. The party who is inheriting the farm in question is bound to have a wide range of queries. Let’s take a closer look at the questions that are asked most frequently. Are There […]
You know that eventually it will be time to pass down the family farm to the next generation. The idea is half-blissful and half stressful. On the one hand, it will be great to relax and take it easy while someone else handles the farm. On the other hand, you’ve worked your whole life to […]
In the United States we hear a lot about the freedom and joys of finally retiring. You’ve done your life’s work and now you’re ready for relaxation and travel. Have you ever met someone who didn’t want to retire? Our society tends to hide these types of people and their stories. These are the folks […]
Farm transition is a hot top for families in agriculture across the United States. Statistics show over 87 % of farms in the U.S. are family run operations and well over half of the farmers are over 55 years old. Planning for a smooth transition is an important topic, but one that isn’t easy to […]
Keeping a farm in the family is a rewarding experience but it can also be a challenging one. That’s why it is important for farmers to ask the right questions before the process can take place. The following queries will allow a transfer to occur without incident and it is always in the best interests […]
When estate and succession planning is in the process of taking place, it is important to avoid the most common mistakes. Let’s take a closer look at these errors so that they do not become a part of the current planning. 1) Procrastination There is absolutely no need to procrastinate when it comes time to […]
In an ideal world, the family farm would be passed down from generation to generation without any issues. The reality is that family farm succession success requires careful consideration and planning for the process to work well. Successful multigenerational farm families all need to work through the following. Open lines of communication. Hold regular family meetings […]
Owning and managing a farm can be a great way to earn a living and is also a legacy that many families would like to keep within the family for generations. If you own and operate a farm that you would like to pass down to the next generation, having a succession plan in place […]
