March is approaching, bringing farmers dreams of spring and the chance to get back out onto their fields.
But Bridget Finke of Valley Crossing Law at Baldwin, said that this still is the best time of the year for farmers to talk about farm-transition issues.
“This is a great time of the year to focus on the business instead of working on the business,” Finke said.
The considerations might well include how a farm’s ownership will be passed on to the family’s next generation — if that’s an option. She added that there are many issues to consider.
Sometimes these decisions are driven by adult children who’ve been working in the business for a significant part of the time and perhaps thinking they’ve given up opportunities to make more money elsewhere,” Finke said.
Weighing tax advantages where the transition is concerned are major factors.
Finke said most people are ready for transition discussions by the time farmers approach her. But there are time when families wait until a significant change — such as a death — occurs within a family, she said.
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