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 […]
Category: Succession Planning
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 […]
Family farms have been disappearing over the years, with the number of dairy farms dropping more than 90% since 1970. There are many benefits to having a family farm, which we will take a look at here. The Animals A love for animals is a key factor for many who become farmers. Having the patience to care […]
Multigenerational Farming offers the chance for a younger generation to reap what’s been sowed by their parents and grandparents. Although there are always new machines and techniques to make farming less labor intensive and more efficient, these new-fangled methods could also have unforeseen consequences. This article touches on two examples where the new generation of farmers […]
As farmers, we face daily struggles. Family farms looking to transition from one generation to the next, face even greater challenges. When the children of the family are young, it’s easy to put off future planning. When they enter the teenage years, their contribution is great and this is, quite possibly, the most productive time for […]
Since every farmer, and every farm, is unique, estate planning should fit the uniqueness of a situation. This is especially true when transitioning a farm to a new owner. One of the key elements of any transition is fairness – to the owner and the new owner. When the transition involves a direct family member, a common approach is to […]
Whether you have a long, multi-generational background in farming or are a newcomer to the business, successful farming consists of a multitude of components. Every farm and each farm family is different in their approach, focus, and goals. In spite of this, there are some new ideas as well as old principles that can help secure […]
As farm acreage becomes more costly pushed higher by institutional investors, managing an affordable transfer of farm assets complicates Succession Planning. For many farmers close to retirement age, decisions concerning farm transfer must try to accommodate disparate goals. For example, farm succession planning may involve accommodating career-minded heirs who want to preserve the family farm […]
Heritage breeds, CSAs, farmer’s markets, artisan cheese: farming is getting an injection of cool from farmers looking to change the face of agriculture in America. Clean food, slow food, organic food, local food: the movements may be a small part of the agricultural giant, but their share is growing. Consumers are starting to pay attention. They want […]
Ground Operations: Battlefields to Farmfields is a multi-award winning short documentary about the training programs and internships being developed by and for returning veterans who have transitioned to farming. Out of 21 million US veterans, 800,000 are unemployed and 100,000 are unemployed and homeless. US farmers are getting older, and young farmers are not stepping up to […]
