Now is the time to have a Farmland Transition Plan!
WOW……what a crazy 2020!!!! We hope that you all are staying safe and well! It is a time to reflect on memories, discuss your family farm operations and even visit about plans in the future for sustaining your family farm.
The Kansas producer’s average age is 58, indicating there will be a major transfer of farm ownership throughout the next 20 years. To ensure the successful transition of farm ownership and management across generations, it is essential to have a contingency plan in case the “what if” situations happen such as an unexpected injury or passing. Developing and communicating these plans to family members can be a challenge; however, the reward of sustaining the well-being of your family is worth the effort. It is important to regularly discuss farm succession and estate planning with your parents, children, grandchildren, and other appropriate stakeholders.
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