Farm succession education was a reluctant area that Paul got involved with when he started with UMD back in 2012. “I started before ALEI existed, and one of the first things that I was asked to do was assist with outreach efforts by UME and my department related to estate planning. I felt like the initial presentations I did were boring because I was asked to focus on wills and trusts to assist ag operations in the state in estate planning,” said Paul Goeringer, Principal Faculty Specialist and Extension Specialist in the Department of Agricultural and Resource Economics and with ALEI.
After a few years, Goeringer realized what was missing and started developing a more refined topic to discuss the issues that farm families often run into when developing estate and succession plans. “A lot of families start off thinking this will be easy, but it’s not an easy process to start with and often times families think they are done once the documents are signed.” Paul developed the program to bring in others to help discuss insurance needs, retirement planning, and even how to talk with your family members to begin thinking about creating your own succession and estate plans. “I really looked at my own family’s struggles over the years with a farm out of state to think about what older generations and the current generation are thinking about in this process. I try to share personal stories from my own life in order to help others realize this is a hard process and get them to start thinking about their own struggles in it.” Goeringer said.
These programs have continued for years, with many farm families in the state getting assistance from the program. It has grown to include others to build a better program over the years. Recently, this work all culminated in being elected to the International Farm Transition Networks’ (IFTN) board of directors for a three-year term. The IFTN comprises professionals, university faculty and staff, financial planners, attorneys, lenders, and others working with ag operations to develop solutions to the farm succession process and demystify it. Through trusted research, education, and collaboration (both nationally and internationally), IFTN supports families in navigating succession, retirement, and legacy decisions, ensuring farms stay strong for future generations. Learn more about how IFTN can help at farmtransition.org.
“I’m excited to be on the board and help bring not only the experience of a university faculty member but also that of an attorney to the work of IFTN. I look forward to the challenge of the next three years in helping the organization continue to grow,” said Goeringer.
