Planning for your family farm’s future is a unique combination of estate and business planning, requiring attention to detail and understanding of family dynamics. Furthermore, because some farms can be capital intensive and have many assets, family farmers need to take into account how taxes and the probate process might have an impact on the state of the farm after it passes to the next generation.
While every family farm is unique, there are some common considerations that Wisconsin farmers usually take into account when creating their estate plans. Because these decisions can have a significant impact on the quality of life during retirement and the farm’s existence, families need to be proactive and open with each other about the farm’s future.
First and foremost, family farmers need a succession plan on whether or not a child will continue to run the family business. These days, as more and more rural young people move to the suburbs and the cities, most parents cannot count on the children to stay on the farm and run day-to-day operations.