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Farm Estate Planning: An Innovative Approach to Effective Communication with Family Members and Farm Employees for Underserved Farmers and Ranchers.

Okarsamaa B. White

Summary

More often, underserved farmers populations including minority, socially disadvantaged farmers, and new immigrant entrepreneurs are not familiar as to how to approach communication of Estate Farm Transition of their farm operation to family members and/or employees. A vast array of agencies and organizations has limited exposure of programs and services to address the above farmer needs from transitioning Farm Estate Plans to family members. However, these special audiences have deliberately refrained from discussing with an estate attorney, financial advisors, tax consultants and extension educators about transition their farm to a spouse, children, sibling(s), grandchildren or non-family member (employees). Underserved farmers for several reasons do not seek or communicate about their intention of farm transition or/and lack of trust and information sharing with those in providing farm estate communication. In some cases, farmers have limited funds to seek and approach the expertise in Farm Estate Planning. Such clientele must be cautiously approached in discussing and transition their farm estate to interested parties involved. This paper aims at (1) introducing the farm communication to underserved farmers and importance of communication; (2) increasing farmers understanding to effectively communicate strategies of transitioning family farm and (3) Providing the transition of a family farm to family member (s) or/and non-interested family members and what options are available to protecting family legacy

Details

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