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AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING

9/15/2009
Agriculture in Transition
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The Crying Need for Farm Transition Planning

My friend, Janie Simms Hipp, {J.D., LL.M., National Program Leader (Cooperative State Research Education and Extension Service) for Risk Management Education, Farm Financial Management, Trade Adjustment Assistance and Beginning Farmer and Rancher Development Program} just wrote a very interesting article for the Agriculture Law Update, which is published by the American Agricultural Law Assocation.  Janie points out that, "The 2008 Farm Bill containes many new programs and provisions recognizing the importance of our 'next generation' farmers and ranchers."   She notes that the advancing age of farmers and ranchers makes the need for farm transition planning greater than ever.

Statistics show that the lack of planning on the part of farmers is ALARMING.   A survey by Successful Farming found that only 30% of farmers and ranchers actually have an estate plan.  Similarily, a Minnesota survey found that about 42% of farmers and ranchers had estate plans, but on 5% had farm transfer plans in place.

Clearly, this is a heartbraking disaster in the making for the families on and off these farms.  

Labels: advancing age of farmers advancing age of ranchers farm transfer plan farm transition planning
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