As farm operators age, the question of farm transfer surfaces. Farm operators know they need to discuss the transfer with family members, but some families find it difficult to communicate because there are several issues that must be considered. The “Who Will Get Grandpa’s Farm” program ( http://www.ces.purdue.edu/farmtransfer/index.htm/) presents three strategies for having a discussion about farm transfer.
1. Direct Control strategies are conversations where one person addresses another person in a confrontational or patronizing manner. Orders are given without concern for the other person.
2. Indirect Control strategies are conversations that are more collaborative in nature. If any decision making takes place, it is likely to be shared.
3. No Control strategies are neutral. No solution to the problem is offered.
Attorneys say that the way to prepare for estate planning is for the farmer to think through what he wants to have happen. First, is he or she ready to transfer control or begin to transfer control? Second, is there a successor to take over the farm? Sometimes, the farm operator must discuss the farm transfer with older parents to start the transfer process. You should also consult an attorney and/or financial advisors to properly execute the transfer.
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