What’s the legacy of your land?
Start today to preserve your land for future generations
According to the American Farmland Trust, nearly 40% (about 300 million acres) of America’s farmland will be in transition over the next 15 years, placing family farms and land stewardship at risk. Farming and land management requires a lot of knowledge and resources that take time, mentorship, and a solid succession plan for younger, would-be farmers to carry on.
The solution for effective succession begins with farmers and landowners honoring their values and understanding their options for leaving a land legacy.
The benefits of succession planning
A thoughtful farmland succession plan offers meaningful benefits to landowners and their families, as well as their surrounding communities.
Provides peace of mind and financial security to all generations involved.
Stabilizes food security through local agriculture.
Counteracts the effects of climate change by providing carbon capture.
Preserves the heritage landscape of this beloved, scenic region.
It’s never too soon to consider the future
If you wonder what the future holds for your land, you can take some simple steps to begin succession planning:
Know what you have. To build a solid foundation for your succession plan, understand your business and personal assets.
Circle the wagons. Bring together your family and advisors to discuss shared goals and values for the future of your property. They may not all be the same, but it’s prudent to share them early in the planning process.
Put together a team. An attorney who specializes in estate planning can provide expertise as you navigate these decisions. A business consultant can share guidance on asset management and operations. Plus, a land trust can help with land-use and conservation considerations.
Pick your tools. From agricultural conservation easements to charitable trusts, there are many ways to ensure your land and its agricultural heritage are protected for future generations.
It takes time, thought, and resources to create a succession plan for a farm or similar property. Please note that the information in this article is not a substitute for good legal and financial advice. After you read this general overview, be sure to seek the professional assistance you need to create a succession plan that works