NASHVILLE, Tenn. (RFD-TV)—When a farmer dies and the family begins the daunting task of dividing up the operation, it can be challenging, especially for children who may not want to become farmers themselves.
Industry analyst Vance Crowe developed an innovative idea involving Bitcoin that would enable all parties to achieve their objectives in a farmland transition.
“There’s usually one or two kids that want the property, and then there’s a couple of kids that that’s not what they’re doing,” Vance Crowe said. “And so, for now, one of the solutions is, ‘well, we’ll just divide it up evenly and give them all an even shake.’ Or we have one child who tries to buy out that land from the other ones, and there are challenges with that, too.”
Crowe told aginfo.net that at the end of the day, succession is about deciding what is best for everyone involved in the land transfer.
And I think something like Bitcoin is a way for people to be able to make investments into a finite asset that will allow them to be able to leave something to the children who are not going to stay in farming and still be able to keep the farmland together.”
He also encouraged farm families to explore new technologies that might fit into their operation and estate plans.
Estate tax relief reduces pressure, but succession planning remains the critical challenge for farm families.
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