Farm Succession: Don't Neglect The Value Of Planning

The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.

There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.

“If handled improperly, transition events can be the death of your business. Or it can strengthen your business and clearly outline who you are and where you want to go," says Dick Wittman.

From understanding breakeven price per bushel to finding a mentor who persevered through the 1980s, Alan Hoskins with American Farm Mortgage and Financial Service shares pointers for a long, financially sound career.