Legacy Planning
When Lydia Carpenter and her husband built a relationship with a senior producer, it led to the opportunity for a non-family business transition.
From cyberattacks to succession, top producers share how they turned high-stakes crises into strategic growth. Discover how balancing data with values and peer relationships can transform agricultural risk.
While 69% of farmers expect to transfer their operation to the next generation of family members, too many are misplacing their time and efforts, according to The Williams Group. The company offers 5 recommendations that can help farmers and other business owners course correct.
Strong succession is driven by leaders who are willing to plan boldly, act decisively and invest in their next generation. Your family and your operation are counting on you.
How do you know when it’s time to start transitioning your operation to the next generation? Rena Striegel, president of Transition Point Business Partners, says to aim for a decade.
Strategies to consider before starting a wedding or event venue.
Attorney Robert Moore shares tips regarding long-term care and strategies to make sure farmers and ranchers don’t lose the farm when faced with associated costs.
No matter the succession strategy, all producers have one similar goal: minimize or eliminate estate tax burden.
Consider a trial period or pre-agreement before starting the farm transfer process.
Communication is needed to bring families together for these major decisions.
Joe Morgan, CEO of Poky Feeders based in Scott City, Kan., was inducted into the 2025 Cattle Feeders Hall of Fame during the Cattle Convention in San Antonio, Texas, this year.
FSA says these changes will increase opportunities for farmers and ranchers to be financially viable.
Working on a succession plan for your operation? Here are a few key points to keep in mind.
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
Legacy. It’s a six-letter word, but it carries the weight of generations for agricultural families. The weight this word carries makes it valuable for families to understand what their legacy is and how to uncover it.
Edgewood Locker got its start in rural northeast Iowa in 1966. The business now spans over three generations, and it’s largely thanks to Joan Kerns who helped start the family business that’s now seen phenomenal growth.
Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.
With Republicans now in control of the House, Rep. RandyFeenstra (R-Iowa) said he wants to introduce legislation shielding the stepped-up basis and like-kind exchanges.
The Proposed Transfer Tax can actually eliminate net equity for many farm families and cause their heirs to be underwater. It can be much worse than the current or proposed estate tax for most farmers.