RETURN HOME :: PLANNING HOW TOS

How to transition from discussion to documentation.

Estimated time: 30 minutes

Why is this important?

Often families avoid planning in order to avoid conflict or facing mortality. It is widely recognized; however, that serious problems can arise for both generations if transfer and succession processes never begin or are never finalized. Proper ownership and management can allow for growth and profitability. Assembling the right team of professionals early on in the process can mean implementing strategies that realize your goals.

Steps to take

1. Download Making A Will in New Hampshire

Farm families will gain knowledge about estate planning by reading the Making A Will in New Hampshire publication. This is merely a first step; however, and farm families should be identifying a team of professionals (attorney, accountant, etc) to help them outline a comprehensive plan to meet their needs. Your local Cooperative Extension office may be able to provide additional resources.

2. Hear from other farm families.

Meet three farm families who started 8-10 years ago addressing the issue of estate and farm succession planning:

3. Who to contact

For additional information on estate and farm succession planning contact the Extension Agricultural Business Management Specialist in your state or email
Mike Sciabarrasi at the University of New Hampshire Cooperative Extension.

4. Visit and register on-line at AgTransitions

AgTransitions is an on-line resource providing a structure and some ideas on how to think through your options and create a business transfer plan.

Note: You will need to register before accessing the full capacity of the site. Be ready to complete the registration process by having an email, a password you’ll remember and a name for your plan.

For a paper alternative, download and print Planning the Future of Your Farm-A Workbook on Farm Transfer Decisions produced by North Carolina Farm Transition Network, Inc.

Next step

How to plan for life after farming