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New guide helps protect family farms in succession planning process

An ag attorney with Ohio State University’s Agricultural and Resource Law Program says having the right succession plan in place is essential to protecting the farm for the next generation. 

Robert Moore says understanding the importance of land values is critical to the planning process. 

“Knowing what the value of the property and what the tax basis is, affects how much capital gains taxes we may have if we were to sell the farm,” he says. “We can set up some strategies to try to minimize that.”

He tells Brownfield farm families should utilize legal resources to help with the transfer of ownership.

“We can do a transfer on death affidavit or a survivorship deed or a license state deed, so that when the owner of the farm dies, it automatically goes to the beneficiary without the need for probate,” he says.

Moore says Ohio State University Extension and the National Ag Law Center have created a new guide to help landowners navigate potential challenges throughout the decision-making process.

The new publication is available at farmoffice.osu.edu or nationalaglawcenter.org.

AUDIO: Robert Moore, Ohio State University