My husband and I recently met with our adviser to discuss farm succession strategies. We thought we’d learn how to phase out of the farm operation in the next five to seven years so our farming son could buy our machinery and take over the daily management. However, the conversation quickly shifted toward our estate planning. Now, I’m confused on what farm succession entirely involves. I just know we don’t have a plan to gracefully exit the business, nor to keep the farm together when it goes to our three kids. It’s a lot to take in! Should we focus on moving the operating assets and day-to-day responsibilities to our son first? Or is it better to start on our farm estate plan?
— Submitted by email from L.L.
Bu hikaye Successful Farming dergisinin May - June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Successful Farming dergisinin May - June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
WEARABLE TECHNOLOGY MAKES THE WORKPLACE SAFER
From simple gadgets, like smartwatches, to systems that monitor employee health, tech is a valuable safety tool.
INVESTED IN COMMUNITY
Aaron LaPointe is honoring his elders and bringing hope to the youth of the Winnebago Tribe of Nebraska.
ROLL-AROUND SHOP SUPPORT
cool tools for Farming
MANAGING BACTERIAL DISEASES
Accurate diagnosis is the first step in a control strategy.
GROWING 200-BUSHEL SOYBEANS
World record holder Alex Harrell shares tips on taking soybean yields to the next level.
TRANSFER THE FARM NOW OR LATER?
Problem: Is it better to start transferring the daily operation to the farm heir or focus on the farm estate plan first?
Pork Powerhouses 2023
THE 36 LARGEST U.S. PIG PRODUCERS REDUCED SOWS BY 17,348 IN 2023, THE FIRST NET LOSS PORK POWERHOUSES® REPORTED SINCE 2010.
DISEASE SCOUTING IN THE DIGITAL ERA
Digital platforms offer new approaches to identify diseases and time fungicide applications to save time and protect yield.
SHIPPING STRUGGLES
The Mississippi River may present challenges again in 2024.
SPRAYER PRICING, AVAILABILITY BACK TO NORMAL
Upgrade options improve older equipment's appeal.