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The University of Tennessee, Institute of Agriculture

Tennessee Farmland Legacy



 


Tennessee Farmland Legacy

Planning Today for Tomorrow's Farms

Additional Resources on Farm Transfer

Estate Planning
Farm Business Entity Formation
Two Generation Farming
Retiring Farmers

 

Estate Planning

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Planning the Future of Your Farm: A Workbook on Farm Transfer Decisions
The North Carolina Farm Transition Network, Inc. These materials can be used to initiate the complex succession planning of a farm business, or simply help with the basic estate planning decisions of rural landowners with no farming heirs.

Estate Planning
Iowa State Extension. This comprehensive document published by Iowa State University can familiarize farm owners and operators with issues, problems, and available tools related to estate planning.

Farm Business Entity Formation

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Deciding How to Structure Your Business
North Carolina State University, 2004. Publication covers many of the common entity formations used in farm businesses: sole proprietorship, partnership, limited liability company, corporation.

Important Farm Business Structure Terms Defined (link: www.ksre.ksu.edu/library/agec2/mf2696.pdf)
Kansas State University, 2005. A clear understanding of terms used in discussing farm business operations is important. The term "business structure" is used within the context of three broad categories: organizational structure, legal structure, and financial structure. This guide is intended to provide insight regarding each of the "business structure" decisions and the interdependence of these farm management choices.

Cooperatives
Penn State University, 2005. This publication explains what a cooperative is, why one would consider starting one, and the financial and legal aspects of a cooperative.

Ownership Structures for your Farm or Ranch: Some Basic Considerations Center for Rural Affairs
University of Nebraska-Lincoln. This article is not intended as a substitute for the advice of experienced counsel. It provides useful information in some detail but is general in nature. Much of what is said in this article will apply in all states, but laws governing entities do vary from state to state.

Two Generation Farming

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Getting Started
Iowa State Extension. This publication explains the factors you should consider before selecting and developing a business transfer agreement. By carefully evaluating these factors, you increase your chances of successfully creating a two-generation business agreement.

Selecting a Business Arrangement
Iowa State Extension. This publication contains several different types of business transfer agreements. To successfully transfer your business to the next generation, you must select the proper transfer agreement or series of agreements.

Making it Work
Iowa State Extension. The underlying success of a business agreement depends upon healthy family relationships. Probably more two-generation business arrangements fail because of poor family relations than any other reason.

Transferring Machinery & Livestock
Iowa State Extension. Once the younger party has made a long-term commitment to farming, the parties should consider how to transfer control and ownership of farm assets. This publication discusses considerations for transferring the use and ownership of personal property such as farm machinery, breeding livestock, and crop and livestock inventories.

Retiring Farmers

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Retirement and Estate Planning Guide

The Wisconsin Farm Center. This guide was written by a variety of professionals in the retirement and estate-planning field including attorneys, accountants, and financial planners. It is intended to take the reader through the steps of retirement and estate planning in an easy-to-follow sequence. Also provides a description of the professional team needed to plan a retirement and estate plan.

 

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