Ensuring that farms will be passed along to the next generation or to another farmer is a complex process. There are many aspects, including interpersonal relationships, financial affairs, and legal issues. It is essential to plan for this process. Planning should take into account farm management, as well as income and asset transfers. The financial and legal considerations include changes in the structure of the business, plus personal retirement needs and estate planning.
The Farm Transfer Network of New England does a good job of general education. This collaboration is supported by LandLink Vermont, Land For Good, Maine FarmLink, University of Connecticut, University of Maine, University of Massachusetts, University of New Hampshire, University of Rhode Island, and University of Vermont. The website is available here.
Transfer of farms is significant because the ownership population is aging. On average, the American farmer is around 55 years old. That means a large amount of management and farmland will need to be transferred within the next 20 years or so. About 70 percent of U.S. farmland ownership will change during this time period.
Help for Your Specific Situation
For more specific help with your own personal situation, please contact Unsworth LaPlante, PLLC in Vermont. We are an experienced law firm and have helped many farmers and ranchers with Business Planning