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Jeff Temple of Yankee Farm Credit in White River Jct., VT (802-295-3670) was invited to speak on transfer of farms from one generation to the next. He advised to start thinking and planning for it at the earliest opportunity. In the grind of day-to-day life these important planning activities can be forgotten, but the earlier you start the more options you have.
Open communication between involved parties is also important. Beginning the dialogue can be scary, as many personal, intergenerational and sensitive financial issues must be dealt with. But as UVM Extension specialist Willie Gibson related it can be invigorating for the farm to purposefully move forward toward family decided goals.
Dick and Helen are in the process of transferring their farm to Ray and Linda. Ray related that it was sometimes hard to communicate, but it was essential for each side to make the effort to reach out to the other. Their family has successfully negotiated the process with help from all members. Others shared their successes and failures as well as the advice that it takes time to set goals, make a plan and work to achieve it.
Financial consultants, bankers and lenders, tax advisors and estate planners can all be helpful in pulling together the farm information needed for planning as well as making suggestions on how to proceed to achieve goals of the farm.
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