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 […]
Tag: farm succession
A problem each family faces is conflict between siblings. In other instances, the effect of such may be negligible. In the case of the Family Farm, however, conflicts can escalate to rivalry, and complicate preparations for the next generation. Dealing with conflict is certainly not easy, so here are a few steps to help manage […]
Boundaries means more than the fence line separating your property from your neighbor’s property. In psychological terms, a boundary is anything that marks a limit. The limit can refer to whether someone is treating you well or treating you abusively. In farm families, boundaries need to be set to determine good behavior and behavior that […]
Family farms can be filled with a lot of tension. Often, multiple relatives are working toward the goal of keeping the farm in the family. However, conflict may arise when they want to do so in different ways. It takes some give and take, along with compromise and negotiation. One person cannot win an argument. […]
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 […]
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 […]
If you’re somewhere in the process of a farm transition, then you know how complicated it can be. There are many people involved. There’s a lot of paperwork to deal with. And the money aspect can be a snarl of a numbers threatening to explode your brain. AgriLegacy is here to assist you through the […]
Everyone loves the idea of marrying a hardworking farm guy or gal and settling down to raise a family. Unfortunately, the reality is far from what you’ll find in cliché romance movies. To get an idea of what life will really be like, here are six things you need to know before marrying into the farm. […]
Categories
Planning Your Farm Legacy
When asked, most farmers would say they’d like to pass on their farm to their kids once they’re ready to call it a day. Unfortunately, the likelihood of this actually happening is depressingly slim. A big part of this is simply due to the fact farmers neglect to actually plan for passing on their legacy […]
