Latest News From Succession Planning

What would you tell someone launching their farming career today? A panel of Illinois farmers recently shared some of their successes and setbacks along with a handful of recommendations for young or new farmers.

The 2017 Tax Act temporarily raises estate tax exemption, impacting farm estates. If it expires, large farms with gross cash income between $1M and $5M would see the largest increase, rising from 2.8% to 7.3%.

We’re in a predictable period of a well-established supply and demand cycle. Yet there is a different potential crisis looming for the beef cattle industry.

Are leaders made or born? “Some people are more naturally disposed to being leaders, but it doesn’t mean they’re good at it. To be a really good leader, you're made into one through intention and exposure," she says.

Use the topics and tools included in The DIRTT Project to jump-start the succession planning process for your operation whether you are just beginning or need to get on track.

This month’s Rural Mainstreet Index marks the fifth-straight month where the index has been below the growth neutral mark.

Land in a C corporation is easy to check into the corporation, but it can be difficult to check out without paying income tax on it.

What’s the most challenging thing about running a legacy brand? “The biggest challenge is being pigeonholed. Everyone expects us to recreate the past, but the future doesn’t look like what we were," Lamar says.

After almost 19 years and about 1,500 commentaries, John Phipps announced he's retiring from U.S. Farm Report. In his final regular Customer Support segment, he calls it an adventure that's been a gift from viewers.

According to Shuring, what may be considered equal doesn’t always make sense when the succession plan involves family members who actively work on the farm, and others who do not.

Farmers have struggled with the same business and family problem essentially forever: what happens to the farm when parents die. The conflict between fairness and equality has never been truly resolved.

Rena Striegel's workshop at the upcoming Top Producer Summit will leave attendees with four main takeaways.

Legacy Farmland Trust offers landowners a way to preserve and protect their assets for generations to come.

John Phipps says there are signs that water is the new oil as water rights turn into water fights across the western U.S. He thinks it's a battle that could only heat up in the coming years.

Grounded by his family but propelled by vision, Trey Wasserburger is the energetic force behind creating more processing capacity for local cattle producers.

As Mary Pat Sass’ social media shows glimpses of life from the seat of the tractor, it’s not the view she envisioned for her life even a decade ago. But through humor and candor, she's now an inspiration to others.

Iowa State researchers find this is the state's highest level of farmland owned debt-free. In 1982, Iowa's debt-free land ownership was only 62%.

It's not impossible for young farmers to get started in agriculture if they really want it but expect it to take hard work, investing time and care in neighbors and having a few uncomfortable conversations.

Ron Rabou spent the first 26 years of his life expecting to return to his family ranch. When his dad passed and it came time to transition the farm, negotiations weren’t as easy as he imagined. Here's what he learned.

More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.

The Institute for the Future predicts that nearly 85% of the jobs that today’s students will do in 2030 don’t exist yet, underscores how big of a task it is for colleges to prepare students for a changing future.

As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues. 

There has been a long-term debate on whether assets placed into a grantor trust will get a step-up in basis at death if they are not included in the taxpayer’s estate. We now have the first change from the IRS.

Here’s what farmers should consider with this sometimes complex question.

As a young Nebraska farmer, Maggie Holub is in a league of her own. She has a complete, but flexible, succession plan — in writing.

On a high-tech Georgia dairy farm leading 170 employees, you’ll find a farmer with no dairy in his DNA. Nevertheless, Pete Gelber is a dairy farmer who offers a unique perspective on succession planning.

Whether you’re 35 or 65, things happen. Don’t risk the future of your farm by putting off your succession plan. Get started, make a plan and put it into action.

More than usual, farm budgets are teetering on the prices of inputs, notably fertilizer. However, another fertility problem is quietly reshaping farm life.

How do you approach transition planning when two of your children are on the farm and one is not? You must be intentional and communicate.

Idaho operation builds niche business to complement core crops.

Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.

We are more than the hours we work and the services we provide. We are people, friends, family, and community. You are important, you are loved, and you are worthy of conversation, caring, and love.

Todd and Louise Malecha have one mission: Keep everyone on the same page. For their operation, that “same page” is a 587-page business plan. 

You wear many hats throughout the year. What happens if you or one of the key decision makers is away from the farm for a few weeks or months? Will everyone know exactly what to do when?

When you hear of a new record sale of farmland it raises eyebrows — and your farmland’s worth. With this key asset rapidly increasing in value, you need to analyze your estate plan. 

Of all the change Steve Malakowsky has witnessed in the past 25 years, the most important has been next-gen producers making their mark. He offers three things to consider before transitioning to the next generation.

You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?

You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?

Succession planning is difficult and time-consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.

The IRS just issued guidance allowing five years to make a portability election. This is good news.

I will be doing a four hour seminar on estate planning using trusts, etc. over the next few months. We provide a link to each seminar.

If your summer farm help involves your child or grandchild, you can combine that hard work with a financial life lesson.

To improve productivity in your operation and reduce stress in your family business, set these helpful ground rules. 

Married and on the farm? If one spouse dies, make sure the surviving spouse works with an adviser to file IRS Form 706 to benefit from any unused federal gift or estate tax exemption. You could save millions.

There is no precise model when slicing the estate pie. Attorney Polly Dobbs and CPA Paul Neiffer will dissect these complex decisions.

Masculinity, automation, education and fertility joining forces may seem like a reach, but all are playing a role in defining the future of work. Could it even reach the farm? (HInt: it already has.)

Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you'd like. Of course, some exceptions apply.

he IRS has issued proposed regulations dealing with required minimum distributions on inherited IRAs and retirement accounts.

Three highly respected growers from Illinois, Iowa, and Oregon offer a string of succession factors for consideration.

When a farmer passes an operation to the next generation, the inheritance can be fair, but it is rarely equal.