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3. 2012 Women in Agriculture Educators National Conference

What´s It Worth If You Stay On The Farm

John Baker

Summary

In a 2006 survey of Iowa Farmers a majority of the respondents who had estate plans stated that the best plan for the farm was to divide it equally among all heirs. Conversations with colleagues in Wisconsin and Nebraska confirm these findings. There is disagreement as to whether it is the mothers or fathers who favor the equal division of the farm. The attribution to the mothers or fathers appears to be influenced by the gender of the observer. Joy Kirkpatrick with the Center for Dairy Profitability at the University of Wisconsin believes that the fathers are more likely to favor an equal division while I believe it is the mothers that favor the equal division. (Perhaps evidence of gender bias of the observer.) If the division is not equal but equitable how then will the equitable share be calculated? The Beginning Farmer Center has developed a conceptual frame work to assist families in deciding whether or not an equitable division is appropriate. The Center also developed a case study and spreadsheets to assist families in valuing the financial contribution of the in business heir to the value of the owners estate. The spread sheets allow the families to quantify the in business heirs contribution and account for that heir’s benefits received. In this breakout session gender bias will be discussed and the conceptual frame work, case study and spread sheets will be demonstrated.

Details

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