Farm Succession Planning - The next generation of family farmers

Farm and
Timber
Succession

Preparing the next generation

Your farm and timber land has more value than the acreage sale price. Family harmony is important and so is keeping it in the family, which means you have to discuss difficult topics with your children and their spouses:  who will learn the trade from you, when to request premarital agreements, and how to pass on what you have created.

84% of Oregon farmers operate as sole proprietors.1

This means that they don’t operate as a business with liability protection, and likely don’t have a succession plan in place. Your family deserves protection from lawsuits and a clear plan of who will take over.

Farmer Timber Oregon Family Succession Planning

“I worry about my kids and how they will manage the farm.”

“I worry about my kids and how they will manage the farm.”

Unique concerns of farmers and timber land owners

Family Harmony and Succession

You took over your farm from the previous generation. Eventually you want to pass it on to the next generation. Yet, you don’t want to leave anyone out. The land and timber value is supposed to benefit everyone, even those who don’t want to take over after you are done. Maybe your family doesn’t want to get together and talk about who will take over, yet, you also may not feel like you can write a simple Will and leave everything to chance after you die.

Growth and Sophistication

As the value of land increases while profit margins continue to shrink, many farmers find they must grow and become more sophisticated in order to compete in the market and stay in business. The skills the next generation will need in order to run the business are beyond what your parents would have imagined. And, the professional support you need from lawyers, CPAs, and foresters is not going away. Your operation is a business – and as a business – it needs to be well-organized.

Liability and Lawsuits

If you operate your farm or timber operation without an LLC, corporation, or other legal entity, your personal property is at risk if you lose a lawsuit. Risk of lawsuit can come about from any kind of accident where your workers are injured on the job, or from a host of other issues.

Farmers need advanced estate planning guidance
Lawyer Jeff Skrysak

Attorney Jeff Skrysak is available to meet with you – initial consultations are free.

Your farm or timber operation is a business, but, your spouse and children are family. The combination of business and family is hard to manage. That is why farmers need an attorney who understands business law and estate planning. We can help our clients put together a plan that will organize the business and enable the next generation to step in after they are done.
Farms aren’t simple anymore so your legal services can’t be treated that way either. Farmers need advanced estate planning guidance. Leave it to us to make the explanations simple while we take on the complexity for you and your family.

Business and Estate Planning Legal Services

We help our clients organize their business with the creation of one or more Limited Liability Companies (LLC), and, a healthy estate plan consisting of a revocable living trust, pour-over will, powers of attorney, and more. The LLC(s) and revocable living trust work together as a set of legal tools to help you deal with the issues of family succession, personal liability, and business growth.

Business Law
Limited Liability Companies

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Estate Planning
Revocable Living Trust

1. OSU Study; The Future of Oregon’s Agricultural Land; Published September 2016; Link: http://centerforsmallfarms.oregonstate.edu/sites/centerforsmallfarms.oregonstate.edu/files/formatted_future_of_farmland_final_0.pdf