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 […]
Category: Business
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
