Traditional Method of Farm Succession Planning Broken…. Here is How to Fix it. Part V-Land Division to Heirs.
(Note: This is part 5 of a 5-part series regarding the authors’ view that farm estate planning in this country is broken and needs fixed, especially in light of “Farm Estate Armageddon” that will happen this decade when ¼ of all farmers retire and 2/3 of all farmers will be over the age of 65. Past articles can be viewed at www.farmlegacy.blogspot.com . The year was 2007. I was 2 years into practicing law and once a month my dad and I would meet with fellow farmers at a neighboring farm to discuss grain marketing. A grain marketer, Steve, would facilitate the meetings. For as long as I live, I will never forget a particular meeting when Steve showed up and passed out a packet of information that centered on the coming ethanol boom and how it would change things. Steve looked at us and said “Boys, be glad you bought ground when you did”. Steve also told us that we would all be raising just corn in the future as the ethanol demand would push corn con