ABSTRACT
Most farms in the United States are family-owned, and many are multigenerational enterprises. Planning for transition from one generation to another is an important part of maintaining viable farm businesses. Property may be transferred voluntarily during one’s life by sale or gift. Some of these lifetime transfers may also include transfers of management control over all or part of the farm business. Farm transition includes more than estate planning. Planning for transfers of management control is an important part of this. Use of wills, trusts, and powers of appointment are included. The probate process, either testate or intestate, is addressed.
