This winter, the Department of Agricultural and Resource Economics (AREC) is partnering with the Agriculture Law Education Initiative (ALEI), the University of Maryland Extension, the Maryland Department of Agriculture, and Nationwide Insurance to host a series of one-day farm succession workshops around Maryland.
As of 2017, the average age of principal farm operators in Maryland is 59, according to the USDA-National Agricultural Statistics Service’s state agriculture overview, illustrating the increasing need for the farming community to understand how to pass on the farm to the next generation.
Seven winter workshops are split into two series designed around the idea that the succession process requires financial planning, communication, and a general understanding of business planning and estate planning tools.
The first series of workshops, Transferring the Farm to the Next Generation, includes five workshop dates and features speakers like Farm Management Specialist Dale Johnson, Craig Highfield with Alliance for the Bay, and Extension Legal Specialist Paul Goeringer. This series will discuss business planning techniques, attached forested land, estate planning, tax basics, and more. For more information on the Transferring the Farm to the Next Generation workshop series, or to register, click here.
The second series of workshops, Investing in your Farm’s Future, includes two workshop dates. These workshops will feature Extension Agent Jesse Ketterman, ALEI Research Associate Mayhah Suri, Professor and Department Chair Dr. Lori Lynch, and Extension Legal Specialist Paul Goeringer. This series will include discussions on the specifics of retirement planning and what individuals can do to fulfill their wishes after the succession process, communication strategies, use of conservation easements, and estate planning case studies illustrating what can happen when the process isn’t properly conducted. For more information on the Investing in your Farm’s Future workshop series, or to register, click here.