Legacy Planning
Pride is deeply seeded in Nolan Parker and Matthew Brown. They hail from multigenerational farm families, but decided to set out on their own in 2022. The pair of Louisiana farmers are excited about their future.
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
Matt Spillman and his two brothers are carrying on their father’s legacy. Each brother has a specific role in making all the wheels turn on the farm.
From understanding breakeven price per bushel to finding a mentor who persevered through the 1980s, Alan Hoskins with American Farm Mortgage and Financial Service shares pointers for a long, financially sound career.
From switching to 100% strip-till this past fall to learning to build seed scripts and planting her first crop as a full-time farmer this spring, Sarah Tweeten is making her mark on her family’s Iowa operation.
Focusing on marketing and margins will help farming’s next generation protect against the ”unknown unknowns,” says Alan Brugler, a market analyst and adviser.
In 2022, when Alex Harrell cut his land base in half, yield instantly became even more crucial. Little did he know, the next year he’d break the soybean record. Drones play a big role in his high-management approach.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
Shay Foulk shares tips to help balance equipment debt, transition and economic downturn.