Estate and succession planning is a pressing need for farmers and farmland owners across the country. Iowa State's most recent Iowa Farmland Ownership and Tenure Survey revealed that two-thirds of Iowa farmland is owned by people 65 years of age or above. Farmland owners who were 75 years of age or above owned a record 37 percent of all acres. Less than 14 percent of all farmland is owned by someone under the age of 55. Although reporting specifically on farmland ownership, the data from the Survey suggest that many farms will be transferring to new owners within the next decade at the death of the primary owner. Yet, many farms across the country do not have a written estate and succession plan.
A team of specialists from Iowa State University Extension recognized these issues and decided to work together to create a comprehensive educational resources to equip farmers and ranchers to begin estate and succession planning. This portal is unique in that the resources are in-depth. We are launching with more than 14 hours of video recorded specifically for this project. The videos were created by attorneys, an experienced farm mediator, farm management specialists, and others. In addition to the videos, the portal contains materials such as a workbook and case studies to download. Links to additional tools are provided.Our goal is to make subscribers more knowledgeable, confident, and ready to begin or continue their planning journey.
We chose to make this a subscription service because we want to stay in touch with subscribers and post updates as changes arise. The modest fee will allow us to maintain the portal and create additional resources down the road. Subscribers are encouraged to work through the material at their own pace and ask questions as they arise.
We trust these resources will encourage more farmers and landowners to finalize their plans. We look forward to connecting with our subscribers!