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 tough spots. We want your farm transition to be smooth, and we have experience with the entire process. However, we are not the only people you should be talking to. Make a mental (or an actual) list, and see if these important people are all involved in your transition.
Your Immediate Family
This farm transition affects your entire family, whether or not they were actively involved in farm work. Step up your communication skills and make certain these very important people understand exactly what is going on and what will happen in the future. Also, keep an open ear out for suggestions and wishes. Your immediate family should have some input, too.
Lawyer and/or Accountant
The legalities of your farm transition need to be taken care of properly. Also, make sure you understand your tax situation. Gear yourself with numbers and questions before you meet with the lawyer and accountant. Strive to make them as informed as possible, and also strive to leave their office with as much information as you can get.
Lender
Do you have a loan officer or some other lender who needs to be aware of the changes? Make sure he or she is in the loop. There will be plenty of banking changes in your future.
Neighbors
Let your neighbors know what is going on. They’ll be seeing changes, and they will be curious. Will you be renting some of your land? Will the farm transfer result in a need for more land, different equipment, a change in livestock? Your neighbors can be helpful resources for you. They may also be willing to help out with big projects that require many hands.
Local County Extension Office
The Extension is there to help you. Pick their brains. Ask questions. Find needed forms.
When you’re going through a farm transition, we want you to be as informed as possible. So keep in touch with all the people involved, and don’t be shy to reach out when you need help. Contact us for more information about farm transitions.
