Plan for Your Farm’s Future: Understand your succession options, and how to find and prepare for working with legal and financial professionals
A day will come when you will no longer be able to farm full-time. How will that impact your farm legacy?
Renewing the Countryside the Sustainable Farming Association and Practical Farmers of Iowa have committed to helping farmers and farm-land owners navigate transition issues for their business and assets. Wills and trusts, life insurance, power of attorney and long-term health care are all issues included in a farm succession plan.
Linked at right, find a variety of articles by Teresa Opheim, who has studied transition issues and interviewed many farm families in the Upper Midwest about their personal stories.
VanDerPols Featured in Upcoming PFI Webinar
Join SFA members Jim and LeeAnn VanDerPol on a webinar, “Transitioning a Working Farm and Related Farm Business,” set for 7-8:30 p.m. Nov. 14, and hosted by Practical Farmers of Iowa.
The VanDerPols, of Pastures A Plenty Farm in Kerkhoven, will co-host the webinar with attorney Rachel Dahl of Hellmuth & Johnson. Topics the VanDerPols will discuss are ones they have encountered during their own farm transition, including:
- How to be fair to off-farm heirs and farming children while not shorting our own needs and wants.
- In land transfer, timing means a great deal because land values are dynamic.
- Times spent working to build the farm and business by the farming children and especially the older generation must come into consideration.
- Transfer must allow the older generation to be out of the way of the ambitions of the younger ones.
- Feelings are as important as dollars. Family good health and unity depend on it.
Join the webinar on Nov. 14 at this link.
VanDerPol Transition Story
Longtime SFA members Jim and LeeAnn VanDerPol shared their farm transition story with Teresa Opheim, a former executive director of Practical Farmers of Iowa who is now working with Renewing the Countryside on farm transition issues.
Teresa profiled the VanDerPol family as part of her work on farm transitions, and Practical Farmers of Iowa was kind enough to share the article with SFA.
About the Author
Teresa is Senior Fellow for Renewing the Countryside and for Practical Farmers of Iowa, focusing on farm transitions. She is a Minnesota Institute for Sustainable Agriculture Endowed Chair for this work. She is a board member of Iroquois Valley Farms, a private company that works to get farmland to the next generation, and leads a USDA-funded conservation finance project for the company.
Teresa is the editor of The Future of Family Farms (University of Iowa Press 2016). She served as the Executive Director of Practical Farmers of Iowa (2006-2016) and has journalism and law degrees from the University of Iowa. Teresa and her family reside in Minneapolis.
- An Inside Look at Transitions Coaching, Who Gets the Farm; How to Be Fair With Non-Farm Heirs; & More
- Cultivate Your Ag Legacy; U. of M. Transition, Estate Planning Info; & More