How do You Decide Who Gets Grandpa's Farm?
Making the decision on who will manage your family's farm is one of the most difficult decisions a farm family will have to address. Deciding what is “fair” versus “equal” when transferring our farm and family assets to our heirs is often one of the most difficult questions. One of the biggest dilemmas that must be overcome is how can we design our farm succession plan so that it will be as fair to the heir taking over the farm. And in this process of being fair, how can we, treat everybody equally? Often times doing what is fair will mean the distribution of assets will not be equal. Defining what is “fair” and what comprises “equal” is different to each farm operation. This you must do yourselves – together as a family, as a team committed to one another and the future
Passing on the Family Farm Workshops
OSU Extension holds "Passing on the Family Farm" workshops taught by Peggy Hall and David Marrison. Plans are being made for our 2021 workshops. Due to COVID-19 and on-line version of this workshop will be held in February 2021. Email David Marrison at firstname.lastname@example.org for more details about this workshop.
Farm Succession Resources
The emotional loss of a loved one is an extremely difficult time for families; especially for farm families. We can make it easier by having all our important information summarized in one document. This planning document allows you to summarize your assets and how each is owned, valued, and titled. This information along with liabilities will be needed by your attorney or estate planning professional as you plan your estate.
This factsheet serves as an introduction to farm succession planning.
This factsheet describes the whole farm planning method which farm families can use as they develop strategies for the future success of their business. This approach allows families to examine the internal structure of their business and then develop business, retirement, transition, estate and investment plans.