Succession Planning
As you do your tax planning at year-end, be sure to review any assets you have held for at least a year to determine if your taxable income remains in the 15% tax bracket.
Now is the time to evaluate your land goals, decide what physical assets will bring value to your business and invest in what you personally value to live a purpose-driven life.
Sam Beveridge joins the Ag Inspo podcast to share how your best contribution to the farm may be untraditional.
Chris Payne joins the new Ag Inspo podcast to detail his journey into farming.
Since Lance Dobson’s return to the family farm, he’s added cattle, cereal rye for forage and a seed dealership. “Whether it’s exercising or farming, hopefully diversification in our day will yield results that improve our longevity,” he says.
Working on a succession plan for your operation? Here are a few key points to keep in mind.
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.