My husband and I recently met with our adviser to discuss farm succession strategies. We thought we’d learn how to phase out of the farm operation in the next five to seven years so our farming son could buy our machinery and take over the daily management. However, the conversation quickly shifted toward our estate planning. Now, I’m confused on what farm succession entirely involves. I just know we don’t have a plan to gracefully exit the business, nor to keep the farm together when it goes to our three kids. It’s a lot to take in! Should we focus on moving the operating assets and day-to-day responsibilities to our son first? Or is it better to start on our farm estate plan?
— Submitted by email from L.L.
Denne historien er fra May - June 2024-utgaven av Successful Farming.
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Denne historien er fra May - June 2024-utgaven av Successful Farming.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
THE WOMAN BEHIND 'THIS FARM GIRL COOKS'
Coming up with quick, on-the-go meals is one of the many talents Deanne Frieders brings to the table.
HOW TO GROW A DOUBLE CROP OF CATTLE FEED
This Iowa farmer has perfected an annual system with four forage species that maximizes tonnage, resources, and feeding quality.
GOOD FENCES MAKE GOOD NEIGHBORS
The doctrine of title by acquiescence determines the legal boundary line between two properties and overrules the boundary listed in the deeds.
TIME WELL SPENT
Senator Charles Grassley reflects on careers in farming and government.
BUILDING FARM STABILITY
This young farmer uses regenerative practices and diversification to set up his farm for the future.
THE MEXICO MAIZE
Navigating Mexico's ban of genetically modified corn.
NEVER TOO BUSY TO LEND A HAND
Between their cattle operation, crops, and off-farm jobs, Dean and Tillie Thompson have plenty to do, but they still find time to serve their community.
WHAT SHOULD THEY EXPECT?
Problem: Two parents are conflicted about meeting their kids' inheritance expectations.
TIPS FOR A SAFE HARVEST
Follow these steps to protect you and your machinery while in the field this autumn.
9 NEW DAIRY PRODUCTS
See the latest innovations displayed at World Dairy Expo.
