Operating a family farm is a constant – but beautiful – contrast of practical goals and cherished dreams. The farm is like any other business that needs to make a profit to survive, but it is also the keeper of an intangible legacy passed down for generations. Balancing these two very different realities is tough – […]
Tag: succession planning
It’s always exciting to welcome your adult children home again to the family farm. Yet, you can be certain that there will be some bumps along the road over the next several weeks. While adjusting back to the farm can take some work, it is reassuring to know that your child has learned a few […]
“10% of Farmland Expected to be Transferred by 2019.” This is the title of an article on the Wisconsin Ag Connection website that points out the overall advanced age of U.S. farmers. Approximately a third reached the age of 65 in 2014. By 2019 farmland owners are projected to transfer 93 million acres, mostly though […]
The farm is not only a homestead, but a living heritage and a coveted inheritance. It is something that many of you were given as a birthright and you probably plan on giving it to your own children in turn. As times, customs, and priorities change over each generation, the older farmers sometimes struggle to […]
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3 Benefits of The Family Farm
The concept of the family farm used to be a very commonplace staple in American culture. Today family owned and operated farms are less common but still an increasingly important part of human culture, both domestic and worldwide. Encouraging more families to take part in family farming has many benefits. It Teaches Cause and Effect Often in […]
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 […]
Farmers take care of the land. They grow crops, tend to animals and work long hours. They are not always aware of how estate planning can benefit them when it comes time to pass the family farm to the next generation. What are three key reasons to consider estate planning for the family farm? Federal estate taxes […]
Handing down the family farm through the generations has been a long-honored tradition for many families across the United States. It offers a nostalgic image that at one time could be considered living the American dream. Nowadays, though, there are indications that this isn’t happening as often as it used to. The simple fact of […]
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 […]
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 […]
