A3H«ncMter Farming, Saturday, April 1, 2000
To Transfer Farm Estate
(Continued from Page A 22)
By communicating these
issues early, the program di
rected said, the family can learn
what each member is about.
“The most important thing is
to sit down and talk with family
members,” she said. But the
father and mother who sell the
farm shouldn’t have high
income expectations if they
want the next generation, their
children, to be successful. “It’s
very difficult to get the market
value for the farm a:
expect the farm chil
dren to be successful,’
Bowlan said.
Many businesse:
and more partnerships
“fail over the human
relationships than
over the business,” shf
said. So it’s importani
to involve ALL of th<
family members in th<
decision.
Most farmers, she
noted, between the age
of 35-55 want to start
owning assets. If they
don’t have the asset;
between those ages,
they “will leave the
farm,” she said. Get
those agreements in
writing. Involve the
spouses and partners,
assume nothing, make
clear the expectations,
use the best legal and
accounting advisers
available, measure
progress, review what
you have written
often, reexamine on
going assumptions,
and involve spouses
early and completely
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Poor communication, said
Bowlan, is “90 percent of busi
ness problems.”
And communication is more
than talking. It involves listen
ing. Even at conferences, those
attending often hear only about
25 percent of what is said, noted
Bowlan.
Farm owners should get past
the “unquestioned tradition”
that the son automatically in
herits the farm. Passing on the
farm to daughters is increas-
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The average age of the farm
owner, at time of transfer to the
next generation, is 57 years. But
the older generation waits some
times too long to “let go,”
Bowlan said. The key is to offer
the transfer as a way of preserv
ing a way of life not looking
for maximum financial gain.
And new farm owners should
take time to have meetings with
the partners to talk about strate
gies. At those meetings, Bowlan
said, don’t discuss religion or
politics. But also spend a few
days a month on outside inter-
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ests to gain perspective on the
business.
Bit by bit, the older generation
can involve younger members in
the farm operation. Allow, early
on, the purchase of farm ani
mals and machinery. Allow the
younger generation to make
major business purchases in line
with an established farm plan.
Some experts agreed that per
haps the age of 40 would be a
good time to begin incremental
steps to slowly allocate the farm
estate, bit by bit, to avoid huge
inheritance taxes.
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Goodley, shareholder in the firm
of Byler, Goodman, and Good
ley, planning is critical “so the
heirs will not get hurt with estate
and death taxes,” he said. Estate
and gift taxes can be avoided if
the planning is done early and
the transfer occurs over a grad
ual period.
Goodley believes in the ex
pression, “do your giving while
you’re living,” he said. By trans
mitting values incrementally
over a period of time serves as a
sort of tax shelter from state and
federal inheritance taxes.
(Turn to Pag* A 39)
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