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
The failure of a grain elevator can cause large problems for farmers and for the local community it serves. A farmer who knows their rights and where they stand if an elevator fails can be in a better position than those farmers who aren’t as well informed. That is the topic of today’s blog post by RFD-TV Legal Contributor Roger A. McEowen.
October 04, 2023 02:46 PM
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Financial matters in farming can be frustratingly complicated, especially when it comes to the process of filing for bankruptcy. That is the topic tackled in today’s blog post by Farm-Legal Expert Roger A. McEowen—the definition of “insolvency” for purposes of the exclusion from income of CODI.
October 04, 2023 02:14 PM
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The “farm products rule,” and the 1985 Farm Bill modification and its application – that is the topic of today’s blog post from Agri-Legal Expert Roger McEowen.
October 03, 2023 02:43 PM
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The classification of persons conducting farming operations for a farm landowner—that is the topic of today’s blog post by RFD-TV farm-legal expert Roger A. McEowen.
October 02, 2023 02:27 PM
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A personal note from Raquel Gottsch, co-owner of Rural Media Group and President/CEO of FarmHER.
September 06, 2016 02:51 PM
· FarmHER
