Passing Down The Family Farm: When To Start Planning
GARY MYERS
WICHITA, KAN.
Farming may be getting more difficult for you as the years of doing strenuous physical labor out in the elements are finally catching up to you. You may find that the once effortless task of climbing in and out of your farm equipment is not so easy anymore. You’ve noticed crawling under machinery for maintenance leaves you feeling sore after a short time, and it’s getting risky going into the pen with a protective cow and her calf as getting out of her way takes a little longer than it used to.
Or maybe you’ve only been farming full-time for a few years, and you feel you’re at the prime of your farming career with pristine physical health and a young family at home. You’re dreaming of the future-- the projects you hope to accomplish, the new technology that continues to become available to farmers, and working side-by-side with your kids.
Regardless of where you are in your farming career, it’s always a good idea to be thinking about what you want to happen to your farm once you are no longer able to be a part of it. There’s a lot more to passing down the farm than just mentioning to a family member that you’d like them to take over someday. Not only do you need to be prepared on the legal side of things, but you also need to be sure the person or people you’re hoping will take the reins one day understands what their new inheritance entails.
Whether young children or grown adults, allow opportunities for your family farm heir or heirs to ask questions so that they are best prepared for taking over. This is especially important as they may bring up issues that you may not have thought of. The process of passing down the farm will be much less stressful for everyone if both you and your heirs are prepared.
We know planning for the farm can be difficult. Contact us for more information about passing down your family farm. ∆
GARY MYERS: AgriLegacy, “Keeping the Farm in the Family” www.agrilegacy.com