Will you and your family be going through a generational farm transition or succession?
We know that farm transitions are unique to every family, and to every piece of land. They are also usually complex and time-consuming projects that take effort and communication from family members and others. But planning for your farm transition just might be the most important thing you can do for your land and for future generations.
The Land Connection can assist you with your farm transition by offering targeted, personal support and options. After an initial free consultation, we can work with you on a fee-for service basis to help you articulate your core values, needs, and goals. We can also help facilitate family meetings, and help prepare you for talking with professionals (lawyers, accountants, etc.), and making sure they do what’s right for you and for your farmland. You can start by considering these questions.
When should I start a farm transition plan?
It’s never too early to start educating yourself and family members about the options for farm transitions. Even if the family isn’t ready to put a formal plan in place, even if no one else wants to talk about it, now is a good time to start learning and laying some groundwork for future discussions. There is no time that’s too early, but there are many times that are too late.
What can I do?
Farmers and farmland owners can create a plan that ensures that both the elder generation and the heirs are treated fairly, that any new farmers starting out on the land have a reasonable chance to be successful, and that the land will be cared for in the way that your family wants it to be.
Why do this sort of planning?
Farm transition planning often involves stress and difficult family conversations, which inevitably involve the unpleasant topics of death and taxes. But the more you can communicate with family members and with advisors (legal and financial), the more likely that the farm transition can be accomplished according to everyone’s needs, without anyone being caught by surprise. Key goals like keeping the farm in the family, or keeping a lifetime of conservation practices intact when the farm changes hands, aren’t going to happen by accident.
How do I begin working on my farm transition?
Contact us for an initial free consultation. If we both determine that it’s a good match, we’ll assist you on a fee-for-service basis.