Do You Have an Estate/Farm Succession Plan?

It’s never too soon to start planning for the future.  Succession planning and estate planning aren’t often at the top of anyone’s list, but perhaps they should be. A farm transition plan can take 7-10 years to fully implement.  TLT received a four-year grant last year to help landowners navigate this arena and TLT staff members Greta Kremer and Michele Burns, are getting started.  They hope to have resources and programing ready by the end of the year.  In the meantime, you can get started too. The Ohio State University has many helpful resources on their OSU Farm Office website, farmoffice.osu.edu.  A simple place to begin is with writing exercises, such as documenting the history of the family and the farm, listing what is important to you about the farm and what you would like to see in its future, and listing everyone involved in the operation (including non-family members) and their roles.  This provides guidance on who you should talk to and how to start the conversation.   Keep checking TLT’s website and social media for upcoming events to help you layout your succession or estate plans.