#AGLEGACY #FarmSuccession #EstatePlanning
Transfer of management responsibilities for the family farm/ranch is not an easy task and can be made even more difficult when there is no clear successor. What is a family to do in this situation?
AG LEGACY can help…
Check the AG LEGACY Materials tab at AGLEGACY.org
Keeping it in the family – Several options exist to keep the farm or ranch in the family: 1. Lease out the land to a family member; 2. Lease the land to someone outside your family; or 3. Hire an outside manager, while retaining ownership.
No longer in the family – Sometimes, it may be impractical to pass the farm or ranch to the next generation. In such situations, families should carefully weigh the trade-offs between equal versus equitable distribution strategies. Some options that families might consider: 1. Divide the property between the children; 2. Sell the operation and pass on the money; or 3. Gift the land to a university as a location for an intern program site.
From outside the family – Consider bringing in an unrelated family that is passionate about agriculture and interested in taking over the operation as another option. This approach can be a rewarding way to continue the legacy while also supporting the next generation of farmers.
Other options – Other options for transfering a legacy might include gifting, forming a trust or working with an internship program.
