Published Sep 14, 2016
Keep the Family Farming: Tips and Resources
By Teresa Opheim
What to provide land for your heirs to farm? Here are some top tips from your fellow farmland owners:
- Decide which is more important: Treating all heirs financially equally or keeping your farming heir on the land
- Consider valuing the “sweat equity” that the farming heir has provided
- Use non-farm assets to compensate non-farming heirs
Here are some top resources where you can get good information to help you with your goal to keep your family farming:
- Beginning Farmer Center offers a class for helping to bring another generation back to the farm.
- Transferring the Farm Series includes an article on valuing the “sweat equity” of the farming heir.
- How to examine what is fair when you have farming and non-farming heirs.
- A step-by-step guide that will walk you through all the aspects of planning for the future of your farm.
- Program to help women address succession, business, estate and retirement planning.
- Farm succession planning workshops, factsheets on probate, buy-sell agreements.
- Evaluating your estate plan, including estate planning terms, retirement planning, gift taxes, federal estate taxes.
- Federal financing for those farming 10 years or less.
- Farmland owners discuss how to treat on-farm heirs fairly.
- Videos of farm families tackling succession issues.
- Learn more about the Lynch Family helping son build equity.