Legacy Planning
From cyberattacks to succession, top producers share how they turned high-stakes crises into strategic growth. Discover how balancing data with values and peer relationships can transform agricultural risk.
While 69% of farmers expect to transfer their operation to the next generation of family members, too many are misplacing their time and efforts, according to The Williams Group. The company offers 5 recommendations that can help farmers and other business owners course correct.
Strong succession is driven by leaders who are willing to plan boldly, act decisively and invest in their next generation. Your family and your operation are counting on you.
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.
Matt Gunderson, vice president of Farmers National Company, says having these advisers will give your plan the sturdiest foundation.
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.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
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.
Succession planning can be a complex and emotionally charged process. Achieving consensus among family members, committing to the plan and understanding potential consequences are vital to secure the future of the farm.
Think of your own success story, even if your path wasn’t straightforward. The industry is great because of all our great leaders who have continued to push hard, driving their businesses forward.
Here’s what farmers should consider with this sometimes complex question.
As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues.
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.
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.