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The importance of legacy planning for farmers

It’s estimated that 70 percent of U.S. farmland will likely change hands over the next two decades.

It’s also estimated that nearly 50 percent of farmers are operating without an estate plan.

“Their farm is way too important to leave it to chance,” says Joe Buhrmann, a financial planner with Illinois-based Country Financial. “You can either craft a plan by design, or by default.”

Buhrmann says they are seeing more interest in legacy planning from farmers.

“We’re seeing the average age of the farmer continuing to get older,” he says. “Something that you could kick down the road a little bit longer is maybe more in front of us now, and is driving folks to make those decisions sooner rather than wait.”

Country Financial is holding a series of Legacy Planning Seminars in Illinois this week.