Ag law firm adds resource that farmers can draw upon for guidance and information on transition issues.
One of the toughest issues farm families face is how to pass on the farm to the next generation. Kevin Alerding, with the Ag Law division of Ice Miller LLP, discusses how he works with farm families as they begin the process of transferring ownership of the family farm to the next generation. He says the first step is not to deal with tax and legal issues but to solve family issues. “The tax and legal issue fall into place once the family issues are solved.”
He says the best way to deal with these family issues is open communication and lots of preparation. He urges farm families to begin to have this important conversation long before they get his firm involved, “Many times the members of the senior generation are on the same page, but they have not communicated their vision well or at all to the younger generation.”