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 […]
Category: Succession Planning
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 […]
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 […]
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 […]
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 […]
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 […]
Valentine’s Day is here and that means that love is in the air… And as you celebrate the hearts that make yours skip a beat, don’t forget to celebrate the farm – that living, breathing, heart-beating thing that pulls you all together and gives you all a shared purpose that is so much bigger than […]
