By Amy-Lynn Albertson 
N.C. Cooperative Extension

It’s never too early to plan for the future of your family farm or business. Having a business succession plan is crucial if you want to keep your land in the family or in agriculture. Join Rowan County Farm Bureau, N.C. Cooperative Extension, N.C. Farm Link and Rowan County Chamber of Commerce for “Cultivating a Legacy” with Jolene Brown, a passionate advocate for agriculture. Brown shares her expertise, humor and real-life stories with audiences worldwide. This two-day conference will be held at the Rowan County Community Event Center on March 20-21. The cost is $199 per person, but you can save $50 by registering before Jan. 30.

It’s important to have family discussions about succession planning because fairness doesn’t always mean equality, especially when some heirs are not involved in farming. Several factors influence how assets are divided among heirs. In certain situations, farming heirs may receive farm assets such as land, equipment and livestock, while non-farming heirs might inherit non-farm assets like retirement accounts, savings, investments and life insurance benefits.

The best way to transfer a family farm can vary from one family to another, which is why the first step in creating an effective farm succession plan is to define your goals based on your priorities. After all, these are your assets. It’s also important to consider the needs of future generations who will benefit from the plan. During this conference, a session will feature a family business planning key advisors panel, which includes a CPA, lawyer and financial planner. They will answer your questions about retirement planning, health crises, long-term care and estate planning.

Your goals should take into account your needs as you age and approach retirement. When passing the family farm to the next generation, you might allow your heirs to manage the land, purchase equipment and take on increased responsibilities. You may also need income from cell towers, billboards, natural gas and rental properties to support your lifestyle during retirement. If these revenue streams are crucial to your retirement plan, don’t feel pressured to transfer them during your lifetime.

As you outline your succession plan, think about what is most important to you. If your home holds significant meaning for you and your family, you might want to keep it within the family. Additionally, consider any specific charities you would like to support with your assets or any stipulations regarding how you want the land you’re passing on to be used. Ultimately, you need to determine what you envision for your legacy.

Day 2 of the conference will focus on estate planning and how to put all the pieces together. We will help you identify the questions to ask when hiring a lawyer, CPA or financial planner and what questions to discuss with your family.

Amy-Lynn Albertson is director of the Rowan County Extension.