Workshops prepare farmers for succession planning
January 6, 2015 By Meghan Grebner Filed Under: Human Interest, Indiana, News
According to the 2012 Census of Agriculture, the average age of the American farmer is 58. That number has been steadily increasing for the past 30 years.
With the rise in age, Spencer County Purdue Extension educator Nick Held says succession planning is becoming even more important. “Over the next few years there is going to be a lot of transition in farmland ownership,” he says. “Farmers will be bringing in the next generation of operators in those farming operations.”
Many operations are a lot bigger today. He tells Brownfield that makes succession planning much different than it was for previous generations. “Rather than just leave it in a will to the next generation – there are a lot of other considerations,” he says. “The biggest thing to look at is the business structure. How the business is structured has a big determining factor on how the farmland can be transferred or how easily it can be transferred.”
Held says another area to examine are the taxes. This ensures the current owners – or the new owners aren’t burdened with any additional tax liability.
To help farmers in their succession planning, Purdue Extension is offering a “Farming Together” series of workshops.
The upcoming sessions are:
Rushville: The 201 Building (Downtown), January 13-14, 2015
Registration information can be found HERE.
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