Why are you doing this Initiative?

More acres of farmland are being consumed every year, never to come back into production. There are tools and experts that can help, but a lot of people do not know about them. Transitioning your farmland in a way that works can be hard. We want to share resources and build a network that can help. We also think some policy changes may be necessary to keep more farmland in production, so this project will identify those policies.

I have questions about farmland transition. But I don’t want everyone and their brother to know about my situation. Who do you share information with?

If you contact KFTI, you will talk with an individual who has worked with farm businesses for decades. That conversation stays confidential and your personal information is not shared. The only time we will share your information with anyone else is if you authorize us to discuss the situation.

I’m a farmer and want my land to stay in the hands of active farmers. Where do I start?

Make your intentions known. Let your family know that you want to keep the land in agricultural production. Ask the question of family members: Do you want to farm? Sometimes the answer may not be what you expect.

Contact KFTI through our webform or by phone (502-653-2787). We can talk more about your situation and see what might help you figure out the best way forward. The answers vary depending on your family and your particular farm. Our goal is to help you figure out your right next step in the process.

Talk to an expert who can help you navigate the legal and financial consequences. This may include an attorney, estate planner, or CPA, to advise you and help you draw up the documents you need to keep the land in production.

I want to farm, but I have not been able to find land to buy. What should I do?

Many people struggle to find land that is a good fit for their intended farming operation. There are no easy answers, but we have been contacted through this Initiative by retiring farmers who are looking for beginning farmers they could help through a lease or sale. Attend local extension meetings and connect with farmers in the area where you are looking to purchase. Join beginning farmer groups in your area and the state to share information and connect with others.

This stuff is too complicated. How can I sort through it all and figure out what I need to do?

You are absolutely right. Planning how to transfer farmland and your other assets, how to navigate all of the estate planning tools, and how to ensure that your farm business is in good shape are all challenging. The good news is that there are people that you can talk to about the challenge so that you have assistance to figure out your next steps. We can also send you materials that answer a lot of the questions that come up during the process.

We really need to change our local, state, and federal policy, and I have some ideas to do that. How can I get those ideas out there?

Contact us! We are looking at policy options and always looking for new ideas on how to approach this challenge. You can submit suggestions through the website at kyfarmlandtransition.com and you can reach us at 502-653-2787.

I would like to work up a plan, but if I’m being honest, my farm’s financial records are not the most organized. What should I do?

If you are working with a CPA or bookkeeper, that person may be able to help you straighten out your financial records and get a better start on the process. It is important to have a good understanding of your financial picture, but do not let that prevent you from starting a process on a plan for your farm’s future. You can work on sorting out the financials as one of the steps of figuring out how to transition your farm, and we have some tools that can help, so just reach out.

I have a will that divides all my assets up equally among my kids. Won’t they just figure it out after I’m gone?

One way or another, they will. But it may not end up where you would have liked, and it may end up with siblings who do not end up talking to one another again. Farmland is hard to split up “equally”. While the easiest tactic when people are presented with that challenge is to sell the farm and divide the proceeds, that outcome can lead to permanent family rifts when one or more of the kids is trying to keep the farm whole or in the family. Other options do exist that are more likely to keep the farm going.

I don’t have a will, but I just figure my spouse will get everything after I’m gone, and then she can figure it out, right?

Nope. Under Kentucky law, if you die without a will, your estate can be divided up a number of different ways depending on whether you have children, siblings, or if your own parents are still living. (So your spouse could face a situation where he/she does not have a say in a major portion of your assets.) This is why you want to have a will, even just a basic one. Check out this publication that has a great diagram from the University of Kentucky that shows the different outcomes if you die without a will.

How do I get what I need when I am working with an attorney?

Working with an attorney is essential to getting legal advice specific to your situation and creating the legal structure you need to achieve your goals. You need to have clear communication with your attorney to make sure you get what you need. Ask questions and ensure you understand the documents being put together. Your attorney should talk through different situations with you so that you can know what would be expected to happen. If you find that you and the attorney are not on the same page, it’s okay to work with a different one. And many attorneys will refer you to others that have more expertise than they do if you have a particular issue or need.