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What is farm transfer planning?

Farm transfer planning refers to the process of developing a plan to transfer a farm operation and its assets, including land. The plan includes several components such as a retirement and estate plan, land use plan, business plan, and management transfer plan. The foundation of a good plan is goal setting and communications. One study found that 75% of farmers do not have a farm transfer plan. The Gaining Insights study by American Farmland Trust and Land For Good found that nearly 30% of New England’s farmers are likely to exit farming in the next 10+ years, and 9 out of 10 of them are farming without a young farmer alongside. While this does not mean that these farmers don’t have plans to transfer their farms, it suggests that the future of many of these farms is uncertain.

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Posted in: Farm Transfer and Succession, General Info