Estate Planning

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Estate Planning & Business Transfer

To many people estate 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. 

Resources

Farmers will find Estate and Succession Planning for Small Business Owners and Estate Planning for Farm Families useful resources as they start to think about this process.

Profiles of Successful Farm Transfers on Long Island is another useful reference delves into the succession strategies of 8 Long Island Farms and includes information on business structures, succession planning and factors that lead to successful farm business transfers.

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.

The Farm Journal Legacy Programwas launched in 2010 to assist farmers in transitioning the business to the next generation owner. The succession planning program hosts 12 events in a different city each year. The program also includes online case studies, tools and techniques, and resources to assist farmers when transitioning the business.

Last updated February 8, 2024