Transferring the Farm

You know you should do this, and you just don’t want to because, well, talking to family about these kinds of things can be sensitive and difficult. That’s why we’re sharing these tools from the Farm Journal Legacy project with you – to make it doable and maybe even pleasant.

It’s that time of year when family comes together. That means that if you haven’t started the talk about succession planning, now might be a good time to start. This is never an easy conversation to have, so the Farm Journal Legacy Project has put together some tools to help you along the way. You […]

Land trusts can work for you if you are trying to get a farm or ranch of your own or if you need to expand your current place. Here are some of the ins and outs of how, along with some great resources from the National Young Farmers Coalition.

Editors Note: This is Part Two on the ins and outs of U.S. Tax Law when passing on your farm and assets. Part One covered what happens when you sell them.  Gifting If you are giving a farm asset as a gift, the receiver gets the asset as well as the tax basis (the amount […]

Farmers and others interested in maintaining the working landscape need to plan carefully in order for farms to be successfully transferred. This is true if the transfer is within a family from one generation to the next or between unrelated, retiring and beginning farmers. One of the most important aspects of a successful transfer is […]

Do you remember what a junior high dance party was like? It may be too far in the rearview mirror for some of you, so I’ll refresh your memory. The girls are on one side, talking and keeping each other company while the boys are trying to look cool with their hands in their pockets […]

We hope none of you are planning on dying anytime soon, but the reality is that we all go at some point.  For farmers and ranchers who own land that will be passed on to the next generation, a little planning, and some background in inheritance taxes could make it a little easier on your […]

You’ve heard it before, and you’ll hear it again. The average age of farmers and ranchers is on the rise. The last U.S. agriculture census showed that 25% of all farm operators are over 65. Here are some tips for those farmers and their families about how to transfer to the next generation.