LAWW 75001 — Farm Succession Planning
is one of the most important aspects of farm management but one of the most difficult to discuss with most producers. Traditional notions of how a farm estate should be divided among heirs can often conflict with what is best for the farm business and the testator's wishes. This course will equip students with basic tools to facilitate meaningful discussion among family members about the development and maintenance of a farm succession plan. Students will examine various instruments for accomplishing succession planning goals including wills, trusts, and business structures. The course will also touch on the role of conservation easements, tax considerations, and the importance of encouraging families to begin transferring the farming operation to the heirs before the testators pass. (Typically offered: Spring)