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Farmer & Spouse

Retirement and Estate Planning > Who Will Get Grandpa's Farm > Farmer & Spouse

Farmer & Spouse

Examine Strategies:
Direct Control | Indirect Control | No Control | Quiz

John, 52, farm operator, and Sally, 50, spouse, are discussing the fact that no one in the family wants to take over the farm.

Attitude: The importance of keeping the farm in the family must be addressed. However, the couple might recognize the need to make a decision that will be more beneficial from a financial perspective.

Preparation: Consider the alternatives such as working with a beginning farmer who wants to become an owner in the future.

Timing: All family members who might be interested should be asked if they want to become more involved such as cash-renting the land. If no one is interested, then no one should object if the farm is sold.

Behavior: Be calm and rational. Allow enough time to think this through carefully.