Having the Conversation with Your Family

One of the questions we are often asked at meetings is how to start conversations with your family about transitioning your farm assets and estate planning. If you are a family who has discussed these issues and worked out a plan, GREAT! Often though, it can be hard. Here are a few tips if you are the owner of the farm or the younger generation who is hoping to own the farm someday.

As the owner(s) of the farm:

1. Ask the question. Do other members of your family want to farm? Do they want to see the land stay in agricultural production? Do they want the land to stay in the family? These are questions we sometimes hesitate to ask because we fear the answers. But unless we know the answers, we cannot do the planning that needs to happen.

2. Determine your goals for the land, the other assets, and your family. What do you want to see happen? Do you want to see your land continue to be farmed? Do you want your family members to still talk to one another (without shouting!) when you are gone?  If these are things that matter to you, you have to lay the groundwork to increase the chances of that happening. Make sure you and your spouse have conversations as well to get on the same page.

3. Make your goals known. Talk with the members of your family to let them know what you want to see happen and what plan you are going to put together. Talk with an attorney, CPA/tax advisor, estate planner, and others who can help you go from having a goal to executing a plan on paper that works.

Note: Keep in mind that it might not be your children who want to farm. It might be grandchildren, nieces, nephews. It might be people who work for your farm now or did in the past.

As the next generation:

1. Ask the question. What do the owners of the farming operation have in mind for the future of their farm? They may be hoping you will ask this question, OR they may already have planned out a scenario that either involves you or does not. Regardless, you want to know the answer so that you can plan for yourself.

2. Make the statement about what you want to do. Let the owners know you want to farm. Be clear about what you want to see happen. Be respectful, recognize what they have built, but be clear.

3. Put your own oxygen mask on first. You cannot control what someone else does. You can control what you do. You have to make plans to take care of your own family and your own future. Sometimes doing that opens the door to the conversations again because you are showing that you are responsible and focused on what is important.

   A great piece of advice: You may have to ask the question AND make the statement more than once. Sometimes, the timing is off. Sometimes, people are not ready to have a conversation like this. Give it another go before you give up.

Looking for a great overview of farm estate planning and understand many of the terms used?

Iowa State Estate and Succession Planning for the Farm

Looking for a great workbook to help you navigate the conversations and the transition of management on a farm?

University of Wisconsin Cultivating Your Farm’s Future