Farm Transition

The long-term future of South Carolina farms and agribusinesses is dependent upon successful business transitions to the next generations. The goal is to keep the assets and resources of the business in agricultural on a sustainable basis. The Clemson Extension Agribusiness team conducts programs that help families of these businesses utilize various tools to address intergenerational business transfers and avoid potential pitfalls including excessive estate taxes and inadequate funds for purchasing sibling shares of the estate. It has been proven that families who have a plan which utilizes these tools have a higher success rate and better family harmony when transferring the business to the next generation.

Disclaimer - Laws and rules are constantly changing. Although we try to keep postings up to date, you need to keep in mind that information may be outdated.  Check the source of information for possible updates. Many of the links to the original source are listed below.

Beginning Estate Planning Publications

• Estate Planning in Montana: Getting Started, MT199508 HRA
• Transferring The Family Business to the Next Generation (Roger Betz, MSU)
• The Federal Estate Tax, MT199104 HR
• Estate Transfer Summary, MSU Ag Econ SP03-02 (Kelsey, MSU)
• Life Insurance: An Estate Planning Tool, MT 199211 HR
• Gifting: A Property Transfer Tool of Estate Planning, MT199105 HR
• Who Gets Grandma’s Yellow Pie Plate? Transferring Non-Titled Property, MT 199701 HR
• 40 Estate Planning Tools, Section #5 (The Ohio State University)
• Glossary of Estate Planning Terms, MT200202 HR

Estate Planning Publications

• Probate Administration of Decedent’s Estate (State Bar of Michigan)
• Durable Power of Attorney (State Bar of Michigan)
• Patient Advocate Designation (State Bar of Michigan)
• Trust: Definitions, Types, and Taxation, EPS #5 (Minnesota Extension)
• Revocable Living Trust, EPS # 6 (Minnesota Extension)
• Estate Planning with Living Trust (State Bar of Michigan)
• Charitable Remainder Trust and Charitable Annuities as Estate Planning Tools NF96-298 (Nebraska)
• Special-Use and Alternative Valuation of Estate Property (Nebraska)
• Intergenerational Transfer Taxation, Un of Missouri
• Income Tax Issues for Estate Planning, EPS #7 (Minnesota Extension)
• Income Tax Considerations (The Ohio State University)
• Estate Planning Links - List of web sites with topics (University of Missouri)

Farm Business Transfer and Succession Topics

• Farm Organization Options, MSU Ag Econ SP2001-43 Kole
• Comparisons of Business Organizations Table (Kelsey, MSU)
• Estate Planning, Planning for Tomorrow (Iowa State University Extension)
• Two-Generation Farming, Step 1: Getting Started (Iowa State University Extension)
• Two-Generation Farming, Step 2: Selecting a Business Arrangement (Iowa State University Extension)
• Two-Generation Farming, Step 3: Making it Work (Iowa State University Extension)
• Two-Generation Farming, Transferring Machinery and Livestock (Iowa State University Extension)
• Limited Liability Company (Kelsey, MSU)
• Pre-Partnership Employment Contract (Roger Betz, Ralph Hepp, MSU)
• Life Time Transfer Strategies (University of Missouri)

Other Estate Planning Publications

• Acting for Adults who become Disabled (State Bar of Michigan)
• Planning for Medicaid Qualification (State Bar of Michigan)
• Disposing of Personal and Household Items, EPS#9 (University of Minnesota Extension)
• What is a Personal Representative (Montana State University)
• Estate Planning for Families with Minor Children (Montana State University)
• Annuities (Montana State University)
• Inheriting an IRA: Planning techniques for primary beneficiaries (Montana State University)
• Inheriting an IRA: Planning techniques for successor beneficiaries (Montana State University)
• Sample Estate Tax Calculations and Illustration of Potential Savings from a Simple Estate Plan, Sec 10 (The Ohio State University)
• Blank Forms to Analyze Your Own Settlement Cost, Section 11 (The Ohio State University)
• The Personal Finance Scorecard: Your Annual Check (Virginia Cooperative Extension)

Other Recommended Related Links

• Planning the Future of your Farm workbook (Virginia Cooperative Extension)
• AgTransition online material (Center for Farm Financial Management, University of Minnesota)
• AgPlan - Online Farm Business Planning Tool (Center for Farm Financial Management, University of Minnesota)
• AgTransition - Online Farm Business Planning Tool (Center for Farm Financial Management, University of Minnesota)
• 40 Estate Planning Tools, Section #5 (The Ohio State University)
• Current Estate Law (Univ. of Illinois Farmdoc Daily)
• Center for Heirs Property
• Municipal Association of South Carolina
• SCAC Training for Planning and Zoning Officials/Employees