Half the farmland in the U.S. is owned by individuals who are at least 65 years old, and many families don’t have a farm transition plan in place – or even know where to start.
Ohio Farm Bureau has information on programs and tips on how to start the farm succession conversation, as do several of the organization’s partners. Our legal team can point members in the right direction.
As Ohio Farm Bureau’s Heritage Partner, Nationwide helps protect the financial security of farms, families and futures with its Land As Your Legacy transition plan program.
The Land As Your Legacy team partners with a farm family’s team of financial, legal and tax professionals to help map out a plan for future generations. At no cost, Nationwide will develop a transition plan focused on helping protect the future for the business and the family.
Nationwide’s team of legal and tax professionals can help ensure the successful transition of a family business from one generation to the next and preserve the legacy that’s been built.
If it was as simple as everyone with a vested interest in the family farm coming together to plan the next steps for its future, everyone would do it. Often, it’s not that simple.
With over 76,000 farms and 13 million acres of diverse farmland in Ohio, conflicts commonly arise that can lead to disputes within families and can cause harmful effects that threaten the viability of Ohio agriculture.
The goal of Ohio Farm Resolution Services at The Ohio State University is to cultivate solutions to the conflicts that impact Ohio’s farms and farm families.
Established in October 2023 with funding from the USDA Farm Service Agency’s Certified Mediation Program, the program serves Ohio agriculture with a three-pronged approach to helping resolve farm conflicts that includes educational resources on Ohio farm conflict issues, conflict resolution and consultation services by OSU Extension legal and farm management specialists, and formal mediation services by trained mediators.
KEY POINTS
WHAT’S NEXT
While the transfer of assets is often talked about when it comes to creating a succession plan, the transfer of knowledge is equally as important. A recent Ohio Farm Bureau Podcast featured experts from Wright and Moore who shared tips on successful succession plans and the timing for moving assets to the next generation.
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