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Business Family Farm Farming Multigenerational Farming Succession Planning

Simplifying Farm Planning For The Non-Planner

Often one of the most unpleasant tasks of farming is planning, but farm planning may be the single most important tool at a farmer’s disposal. Careful planning can minimize costly mistakes, eliminate redundancies and create a clear path of profitable action. As Tamara Benjamin, a program leader at Purdue University points out one effective method of planning is […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

The Keys to Successful Farming Through Various Generations

Owning a family farm is a dream for many people. One of the most difficult aspects of farming is passing down the farm to future generations. As tax and business laws continue to change, it is getting difficult to develop succession planning with family farming. Successful farming plans require a lot of research and work on the front […]

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Cultivating Success: New Year’s Resolutions for Your Family Farm

As the dawn of a new year approaches, farmers around the world gear up for more than just seasonal changes. The transition from one year to the next is a time to reflect, set goals, and plan for the future. For those involved in family farming, the new year is an opportune moment to chart […]

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Thanksgiving and the Timeless Connection to Family Farm Heritage

Thanksgiving is a beloved holiday celebrated with feasts, gratitude, and the warmth of family and friends. It is a time to reflect on our blessings and the importance of family. For many, this holiday carries an extra layer of significance, as it takes them back to their family farm heritage. There is a deep connection […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

Successful Estate Planning for Farm Families Means Having Both a Trust and an LLC

In their Estate Planning farm families usually rely on a trust to avoid unnecessary taxes and government involvement.  By creating a trust the farmer makes sure that his intentions for distributing farm assets prevail after death. When a trust is in effect, there is no need for probate because the trust owns the property and […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

Multigenerational Farming: Why It Works

Farms used to be passed along throughout generations by default. It simply made sense that parents would pass a family farm along to their children, who had grown up participating in farm life. Although the practice of maintaining multigenerational farms is less common now, maintaining a multigenerational farm still has benefits for the family, the […]

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Three Steps to Manage Sibling Conflict on the Farm

A problem each family faces is conflict between siblings. In other instances, the effect of such may be negligible. In the case of the Family Farm, however, conflicts can escalate to rivalry, and complicate preparations for the next generation. Dealing with conflict is certainly not easy, so here are a few steps to help manage […]

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Setting Boundaries When Passing Down the Farm

Boundaries means more than the fence line separating your property from your neighbor’s property. In psychological terms, a boundary is anything that marks a limit. The limit can refer to whether someone is treating you well or treating you abusively. In farm families, boundaries need to be set to determine good behavior and behavior that […]

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Reducing Tension on the Farm: Times When You Should Not Start A Discussion

Family farms can be filled with a lot of tension. Often, multiple relatives are working toward the goal of keeping the farm in the family. However, conflict may arise when they want to do so in different ways. It takes some give and take, along with compromise and negotiation. One person cannot win an argument. […]

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Succession Planning

The Role of the Revocable Trust When Keeping the Farm in the Family

Many people use different succession tools when planning for the future, but not everyone fully understands the ins and outs of financial planning. This means that some of the documents used may not work how one thinks. For example, misconceptions exist about revocable living trusts. When keeping the farm in the family, ensure that you […]

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