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Discussion Farm Transfer with Older Parent
Back to Retirement PlanningPurdue University School of Consumer and family Sciences
Scenarios
Introduction
1. Farmer & Older Parent
2. Farmer & Son
3. Farmer & Brother
4. Farmer & Spouse
5. Older Parent's Health
6. Mother & Son
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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.

Scenario 4
Scenario 4
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