To many people farm transition planning means determining how property will be distributed from one generation to the next. In reality it includes how property will be owned, how the business will be organized, and the tax and legal implications for that business. A successful plan involves identifying what the goals are of the current and future business owners and those heirs living off of the farm. A successful plan also relies on the expertise of attorneys, accountants, insurance agents, and financial planners.
Farmers will find Estate and Succession Planning for Small Business Owners a useful resource as they start to think about this process.
New York FarmNet works with farm families to provide a network of contacts and support services to help them develop skills for dealing with life challenges and transitions through personalized education, confidential consulting, and referral. FarmNet can be contacted by calling 1/800-547-FARM
University of Minnesota Extension developed a series of 10 Factsheets to assist farm owners with transferring the farm business to the next generation owner.
When to Exit Dairy Farming explores when it is appropriate for dairy farmers to consider and act to sell their dairy cattle.
Last updated October 5, 2017