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Transferring a farm business to the next generation, or from one person to another, can be a challenging task. Legal matters, communication issues, tax laws, and personal differences are some of the many issues families and others face when determining how and when to transfer farm assets and business management control. Listed below are some resources that may help with the farm transfer and estate planning process. While these resources are not intended to provide legal or tax advice, they do offer strategies that farm families and others may find helpful when developing their own succession and transfer plans. For formal legal and tax advice needs farmers should contact professionals to assess their individual situations. 


Next Gen support

Next Generation Farmer Program – The Next Gen team is available to provide guidance on navigating the farm transfer and succession planning process, connecting with professionals and next generation farmers, and facilitating difficult conversations. If you or your farm business are involved in or considering farm transfer and succession planning, you can reach out to the Next Gen team to discuss where you are at and learn about available resources such as worksheets, guidebooks, programs, professionals, and general ideas. 



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Farm transfer planning

Listed below are some introductory as well as more in-depth articles, guides, and short videos about farm transfer planning. 
 
Introductory overviews to some of the issues and ideas: 

  •  (Land For Good)  

  • (American Farmland Trust)  

  •  (Ontario Ministry of Agriculture Food & Rural Affairs) 

    •  (Ontario Ministry of Agriculture, Food, and Rural Affairs)

 

  • Creating Certainty for Your Family (Farm Credit East) 

  • (Purdue Center for Commercial Agriculture)  -. An eleven-episode podcast series on farm succession/transition planning.

  •  (East Multnomah Soil & Water Conservation District) – A series of brief videos (15 minutes or less) that include farm transition topics such as getting started, building your team, and next steps.

 

More in-depth and expanded guides – with additional details, worksheets, and self-assessments for planning your farm transfer:

  • ) – Several guides, worksheets, and webinars 
    • Where Do I Start? Farm Succession Planning
    • Strategies for the Junior Generation
    • Successful Farm Transfer Planning Without an Identified Successor
    • Retirement Planning for Farmers
  •  (°ä²¹±ô¾±´Ú´Ç°ù²Ô¾±²¹ FarmLink)
  •  (Montana State University Extension)
  •  (Wisconsin Department of Agriculture, Trade and Consumer Protection)
  • (University of Wisconsin-Madison, Extension)
  •  (Factsheets and worksheets from Pennsylvania Farm Link)
  •   (University of Minnesota) – An interactive website that helps to create a farm succession plan to share with family and advisors.
  • (Ohio State University Extension)
 
 
  •  



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Communication during the transfer process

Sometimes the hard issues during the farm transfer process are the so-called "soft" issues - the ability of both generations or parties to understand, respect, and discuss one another's expectations, goals, desires, and plans. Listed below are some resources that may help foster good communication during the farm transfer process.  

  •  - (Montana State University) - Discussion about family/business goals and expectations, as well as several worksheets, e.g., "Identifying What Is Important"  

  •  - Chapter VI of this guide looks at "Communication: Getting and Keeping the Conversation Going"   

  •  - A short yes/no survey to help farmers assess their current farm succession risks, along with suggestions for subsequent steps to take, including having family discussions.

  • (PA Farm Link) – An overview of healthy communication skills to incorporate into the succession planning process for both generations.

  • (University of Missouri Extension) – How to manage different family business needs and establish regular communication with example topics and guidelines.

  • – New York State’s Agricultural Mediation Program. Subscribe to their monthly newsletter to receive a free downloadable worksheet titled “Communicating Through Your Farm Transition, Workbook and Discussion Guide” or email info@nysamp.com for a hard copy to be mailed to you.

  • NJ Agricultural Mediation Program - The State Agriculture Development Committee (SADC) coordinates a free mediation program in which trained, impartial, and certified mediators are available for helping families and others manage and resolve agricultural issues. Mediators do not have decision-making authority but rather serve as skilled facilitators for helping families and others discuss and address difficult issues. Mediation can result in better understanding and better communication between the parties, which can foster a more successful farm transfer process. For more information on using one of the program's mediators, contact the program at (609) 984-2504.

 
 
 
 
 
 


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Retirement and estate planning

Farm transfer planning also includes planning for retirement (e.g., what the senior generation will do, be it farming or something else; sources of retirement income; and health coverage) and planning for the estate (e.g., the final transfer of assets). Listed below are some resources that may help with retirement and estate planning.  

  •  - Information and tools for helping farm families make retirement planning decisions. This resource from Rutgers Cooperative Extension is a series of short, online modules with links to additional information.  

  • . This guide from the American Farmland Trust provides further detail on estate planning advice for landowners and their financial advisors.  

  •  - This podcast episode focuses on retirement planning (episode 10 of 11 in a podcast series from Purdue University on farm succession and transition planning).  

  • (Nebraska Center For Rural Affairs) – Educational documents and guides to introduce retirement topics such as Estate Planning, Federal Transfer Taxes, and Spousal Tax Planning & Portability, and more.   

  • (University of Delaware Cooperative Extension). This fact sheet describes different tools that farm families can use to develop their succession and estate plans.



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Farm transfer case profiles

  • Transferring the Family Farm: What Worked, What Didn't for 10 New Jersey Families (PDF) - This booklet tells the real life stories of 10 New Jersey farm families, with each profile highlighting the successess, challenges, and resources and learning experiences of a different family. The profiles are designed to provide farmers with information and ideas to consider as they evaluate their own situations and embark on their own transfer processes. While they are not intended to provide legal or tax advice - farmers should contact professionals to assess their individual situations - they offer strategies that farm families and others may find helpful when developing their own transfer plans. 
  • - Chapter 5 of this guide includes a compilation of farm transfer case profiles
     
  • - Chapter VII of this guide includes 3 farm transfer profiles


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Finding farm transfer support and professionals

There are many professionals who can help during the transfer process and be a part of your farm transfer team, e.g., an attorney, family counselor, mediators, accountant, financial planner, and others. However, it sometimes can be difficult to find professionals in these fields who are knowledgeable and have expertise in agriculture and the unique challenges of farmland transfers. The programs, organizations, and resources listed below may be useful when looking for general support and professionals who can help.  
  
Overview about working with a team of advisors:

  •  (Land For Good) - This guidebook provides an overview of the farm transfer process and looks at the roles that agricultural professionals can play as part of a farm's farm transfer team.

New Jersey-based resources for finding support and professionals – Programs and organizations:

  • Next Generation Farmer Program – The Next Gen team is available to provide guidance on navigating the farm transfer and succession planning process, connecting with professionals and next generation farmers, and facilitating difficult conversations. If you or your farm business are involved in or considering farm transfer and succession planning, you can reach out to the Next Gen team to discuss where you are at and learn about available resources such as worksheets, guidebooks, programs, professionals, and general ideas. 
  • NJ Agricultural Resource Pages – The SADC is actively developing this resource to provide farmers with a directory of service providers throughout the state. Categories will include legal, tax, and financial and other professionals who can assist with farm transfer, succession, and estate planning. 
  • NJ Farmland Preservation Program - Some farm owners enroll their farms in farmland preservation as a part of their farm transfer process. Taking this step can make the land more affordable, generate additional income, and help make it easier to pass the farm to the next generation. For more information on the Farmland Preservation Program, contact the SADC at (609) 984-2504.
  • NJ Farm Link Program - Some farm transfer processes take place between farmers who are not related, such as when a family does not have a member of the younger generation to take over the farm business. In these situations, the Farm Link Program may be able to help. One of the program's function is to help connect farm owners with farmers seeking access to land and farming opportunities.
    • NJ Land Link Factsheet – See this fact sheet for more information about NJ Land Link, including how to create a listing to connect with farmers seeking opportunities.
    • (Land For Good)
  •  
  •  - The New Jersey Farm Bureau is a membership-based organization for the agricultural community. Staff may be familiar with local professionals who can assist farmer members with their farm transfer plans.

 

Additional resources regarding due diligence and finding professionals – Guidebooks and factsheets:

Due diligence is an important step in mitigating potential risks before entering into a service agreement or contract. When searching for a professional and / or business to work with, practice due diligence by gathering and analyzing information to determine what is right for you and your situation.

The resources listed below provide a brief overview of some practical steps for doing your due diligence:    

  • . This guide from Iowa State Extension can help you prepare to meet with estate planning attorneys. 

  • (University of Maryland Extension) – A brief article listing some basic questions to ask a potential attorney.   

  •  (The National Agricultural Law Center) - How to find an attorney to represent your legal interests.   

  • (Vermont Center for Agriculture & Food Systems) – An interactive web page with links to additional topics, such as What to Look for in a Lawyer, What to Expect From a Lawyer, and more.  

  •  (Texas A&M AgriLife Extension)  

  • (Utah State University Extension) Link to  

  •  (Iowa Ag Extension)  



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