NASHVILLE, Tenn. (RFD-TV) — Passing the farm on should not be guesswork. With margins tight and operators aging, the stakes for rural communities — land stewardship, jobs, and local tax bases — are rising fast.
While nearly 70 percent of farmers planned to transition by 2025, according to AgAmerica, only one in four families has a formal succession plan — even as family farms make up 95 percent of U.S. operations and nearly half of all farmland could change hands over the next 20 years.
The backdrop is not easy.
The U.S. lost more than 140,000 farms from 2017 to 2022, plus another 20,000 since; total farms have dipped below two million; and farmland has fallen to about 880 million acres. Average farm size has grown by 20 acres — nudging more estates into potential federal tax exposure. One-third of producers are 65 or older, while fewer than one in ten is under 35.
Practical steps help
Set clear goals; talk early and often; use asset-splitting or long-term buyouts for multiple heirs; choose tools for machinery, livestock, and land transfers; and lean on pros — tax advisors, ag mediation, and lenders — to structure a durable, affordable plan.
Farm-Level Takeaway: Treat succession like any major crop — plan early, document clearly, and calibrate cash flow so the next generation can succeed.
Tony St. James
University of Illinois Ag Economist Gary Schnitker says early projections indicate soybeans will be more profitable than corn in 2026.
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Jeramy Stephens, with National Land Realty, says that despite today’s economic headwinds, farmland remains a resilient asset — and understanding local conditions is key to making sound decisions.
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RFD-TV Farm Legal and Taxation expert, Roger McEowen, with the Washburn School of Law, joined us Monday to break down the changes and explain what producers should know.
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Dividing up a family farming operation can be challenging, especially for children who may not want to become farmers themselves.
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Land values are increasing faster than farm income, making it more challenging for young and beginning farmers to expand, but supporting equity for current landowners.
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Beginning Farmers and Ranchers, Crop Insurance, and a Business Planning Complication
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Farm CPA Paul Neiffer joined us on Friday’s
Market Day Report to break down what this extension means for affected ranchers.
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Waiting could risk leaving next year’s crop unprotected.
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