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Evaluating Your Estate Plan:Farm Transfer Strategies

Kelvin Leibold (May, 2014)

Summary

Many families spend years accumulating wealth and are interested in keeping another generation on the farm. However, not all farms will or should be transferred to the next generation. Many farms are not large enough or the next generation may not be interested in being in agriculture. Some children may be interested in farming as a part time occupation. Other families may look outside their own family for non-related parties to bring into the farming operation. Some families will retain ownership of the land, following the parents’ deaths, as an investment.