This winter, the Agriculture Law Education Initiative (ALEI) is partnering with the Department of Agricultural and Resource Economics (AREC) and the University of Maryland Extension 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.
Five 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.
This first series of workshops, Transferring the Farm to the Next Generation, includes two workshop dates and features speakers covering business planning, communication, and estate planning tools. This series will discuss business planning techniques, attached forested land, estate planning, tax basics, and more.