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Business Family Farm Farming Multigenerational Farming Succession Planning

Generational Farm Transfers: Can the farm financially support two families?

When considering transitioning the family farm to a member (or members) of the next generation, all parties should carefully evaluate the financial health of the farm. Some of the questions may be sensitive, but both the parent and child will need to face them openly and honestly in order to ensure the current and future […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

Why Should You Keep the Farm in the Family?

Keeping the farm in the family in the family is more than just a nice tradition. It is a way to provide security for yourself in retirement, establish your own legacy, and to help your posterity plan for their future. Farming presents many challenges no matter what you grow or where you grow it. Uncertainties in […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

Proper Succession Planning for your Farm

There are a lot of farmers across the country worried about passing their land down to future generations. Farming is a difficult business to have success in. Having a proper succession planning strategy is one of the most important aspects of farming. Almost every farmer wants to give his or her land to the next generation. Farming […]

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Business Family Farm Farming Multigenerational Farming Succession Planning

Four Things To Consider When Farm Planning

Are you considering all of the variables that goes into farm planning? Continue reading and you can make sure you are! There are many details that go into planning and creating a farm. Finding the right amount of land, finding a proper amount of equipment for that land and making sure there is an appropriate amount […]

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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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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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Business Family Farm Farming Multigenerational Farming Succession Planning

It is Never too Soon to Start Talking about Succession Planning for the Family Farm

You’ve worked hard to keep your farm alive. You’re proud of it. It’s like a child to you. And, like any child, you think about its future. You want what’s best for it, and you want to ensure it will be in safe hands after you’re gone. This farm is your legacy. It is years […]

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Business Family Farm Farming Successful Farming

3 Tips For Reducing Tension on the Farm

Farm life isn’t known for being easy. Yet, there are also rewards like knowing that instead of a stressful commute you are heading into the sun-kissed fields. When tension strikes, it is important to address it right away because everyone knows that nothing is so important that it should come between a farm family. Use […]

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