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
Mike Vanmaanen, president of the Livestock Marketing Association, joins us Friday on the Market Day Report for a closer look at the Heritage Act.
So, what’s the path forward for “The One, Big, Beautiful Bill” tax legislation? That’s the topic of today’s
Firm to Farm blog post by RFD-TV legal and tax expert Roger McEowen with Kansas’ Washburn School of Law.
Today’s Firm to Farm blog post by RFD-TV legal and tax expert Roger McEowen provides a brief summary of the “One, Big, Beautiful Bill.” If passed in its current form, the legislation would represent the largest tax cuts in history.
When a person is enrolled in Medicare, HSAs and HCSMs can be impacted. It’s important to understand how the interactions work.
Happy National Small Business Week!
This
Firm to Farm blog post by farm legal and taxation expert Roger McEowen of the Washburn School of Law discusses the Small Tracts Act and resolving issues with the US Forest Service.
Farm legal and taxation expert Roger McEowen discusses the rise of drone technology in agriculture and how the ”plain view” doctrine could inform future regulatory law and insurance inspections of farmland.
April 27, 2025 03:50 PM
·
Farm legal and taxation expert Roger McEowen briefly discusses a range of topics related to farm-related taxes, estate planning, and farm transitions.
April 20, 2025 03:34 PM
·
