In January 2017, Farm Credit Illinois held two day-long Farm Credit College educational workshops hosting more than 180 farmers featuring Dr. Shannon Ferrell, Professor of Agricultural Economics at Oklahoma State University. Dr. Ferrell discussed the challenges of farm transition planning and various tools and strategies to consider.
This is the second in a series by Dr. Ferrell dedicated to answering questions raised by FCI members. The articles support FCI’s mission of Helping Farm Families Succeed today and tomorrow as mature generations consider not only their last principal payment, but their grandchildren’s first.
Read the five-page, printable article, Taxes in Transition Planning.
Be sure to read future issues of Essentials for articles by Dr. Ferrell on additional transition subjects including tax issues, transition mechanics, and an heir – or lack thereof – apparent.
The first article in the series is Having “The Talk” About Farm Transition Planning.