Article excerpts:

“Transitions are hard. It doesn’t matter what the transition involves, the nature of moving from one thing to the next is complicated. Farmland may be one of the toughest, says Steve Bohr of Farm Financial Strategies in Lisbon, Iowa.

“Farmers often believe that what differentiates him or her is their ability to own the land,” Bohr explains. “And by God, you’re not taking it away from them. A lot of times, land ownership doesn’t transfer until death, and I’m okay with that. But we’ve got to drill down and figure out how that land is going to transition from one generation to the next.”

“He shares five options to consider for the transition of land assets.

1. Give the land to the farmer.

2. Divide the land equally.

3. Deed land into a family trust.

4. Create a family land entity.

5. Develop a hybrid plan.”

Link to article: https://pb.farm-journal.production.k1.m1.brightspot.cloud/news/industry/5-options-consider-during-farmland-transitions