Legacy Project
Agriculture is an ancient activity bound by tradition and habit, but today farming doesn’t mean doing things the way they’ve always been done. It means adapting to change and taking advantage of new technologies.
Understand and weigh your operation’s options.
Leaders thrive with structure, good communication and clarity regarding the future.
Learn how to start the conversation, clarify expectations (both yours and theirs) and set healthy boundaries for your heirs within your farm’s transition plan.
CPA Paul Neiffer and attorney Adam Kline will provide an overview of the new rules and provide case study examples of the decisions farmers could face
Honor the past and keep family memories for the future.
Your farm’s future path might be winding and complex but starting the process can be simple.
If you want your farm to successfully transition from one generation to the next, you must do better than a vanilla will that says you want to leave everything equally to your children. Don’t assume your children will figure it out when you’re gone. They likely won’t.
Handing over the reins to the family farm can be a difficult process, but it is the ultimate goal of most families to pass on the farm to the next generation.
Plan now for long-term health care needs and costs to protect your farm and assets
Young farmers can be the driving force in succession planning
Sometimes the best way to know where you’re going is to identify where you’ve been.
Louisiana is starting a program to honor farms, ranches and tree farms that have been in the same family for at least 100 years.
I’ve answered questions, responded to requests, proposed solutions and read a lot of great stories. It’s those stories that intrigue me most.
The agricultural community is full of aspiring farmers who dream of an opportunity to work with an experienced person.
The younger generation must be given some real-life decision making power, and the older generation must allow them to live with the consequences of those decisions.
When timing is everything, a contingency plan will keep you on track.
Attention to business matters keeps family operation focused.
Disability, life and long-term care insurance provide reassurance.
Profit centers give this Montana family more flexibility.
Use the current estate tax laws, economic situation to your advantage.
A comprehensive succession plan always includes strategies to mitigate the estate tax and minimize transfer obligations. But even the best estate plan may not address succession concerns.
If a family has not adequately planned for succession, the operation will likely go out of business, be absorbed into ever-larger farms or be converted to nonfarm uses. Using the five keys to planning success will create a succession road map.
The Farm Journal Legacy Project continues its mission to help families protect their ability to continue farming.
