Future farm planning and strategy were themes of the Virginia Grain and Soybean Annual Conference earlier this year.
University of Nebraska Harlan Agribusiness Professor Emeritus Dr. Ron Hanson kicked off the event by reminding producers that while nearly 80% of farmers say they want their farms to be passed to their children, only 20% have a succession plan.
“It’s the parent’s responsibility to start the plan,” Hanson told the audience. “Empty chairs at the dinner table happen, so you better have a plan in place.”
Some farm families avoid estate planning because it’s emotionally difficult, and discussions about money, property and land ownership can put family relationships to the test. Secrets and fear of sharing financial information become roadblocks to putting a plan into place.
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