AgriLegacyThe concept of the family farm used to be a very commonplace staple in American culture. Today family owned and operated farms are less common but still an increasingly important part of human culture, both domestic and worldwide. Encouraging more families to take part in family farming has many benefits. It Teaches Cause and Effect Often in […]
It’s never too soon to decide who will care for the family farm when you are ready to pass the torch to the next generation. Unfortunately, it is a conversation all to often postponed until it’s too late. A recent article on estate planning notes that, “Individuals put off estate planning because they think they don’t own […]
Farmers take care of the land. They grow crops, tend to animals and work long hours. They are not always aware of how estate planning can benefit them when it comes time to pass the family farm to the next generation. What are three key reasons to consider estate planning for the family farm? Federal estate taxes […]
Handing down the family farm through the generations has been a long-honored tradition for many families across the United States. It offers a nostalgic image that at one time could be considered living the American dream. Nowadays, though, there are indications that this isn’t happening as often as it used to. The simple fact of […]
There is always work to be done on the family farm, which makes estate planning a priority when leaving the farm to a loved one. When someone passes away, one’s possessions and property are distributed during probate. A court oversees this process that can take anywhere from 3 months to years to conclude, and complications […]
It’s a common tradition in the farming industry that estates are passed down within the family to continue production for upcoming generations. It used to be as simple as signing over the deed to your children, and then they simply took over. Today, however, with the numerous estate laws now in place, retiring farmers need […]
Farming families are built tough and ready to handle the changing seasons and all the challenges the world can throw at them. You want to keep the farm in the family long after your retirement, cultivating a family farm that continues to pass down through the generations. In some cases, however, you may struggle to […]
“It’s not what you have when you leave this world behind you… it’s what you leave behind you when you go.” – Randy Travis The fresh morning air, the way that the grass always feels wet right before the sun comes up even when it’s not raining and the clean smell of harvest and happiness […]
Keeping a farm in the family through several generations takes good planning, excellent communication and more than a little bit of luck. Often succession planning is not considered early enough by either generation. Often, families “talk”, but not about the business of the farm and it’s future. Fathers do not know if their offspring are […]
Do you have a succession plan in place for your farm? Most businesses have succession plans in place to help ease the transition when the current leadership steps down, but we don’t often hear about farmers making succession plans, and as we know, farms are businesses. A succession plan is a plan identifying internal talent to […]
