VT farmers face succession planning challenges head-on with help from local groups.
In Vermont, senior farmers age 65 or older operate 28% of the state’s farms. Of these 2,076 senior farmers, just 9% of them have someone under age 45 managing the farm with them. The 363,600 acres and $1.2 billion in land and agricultural infrastructure they own will transfer ownership in the next 10+ years in one way or another.
Transferring The Farm Workshops help VT farmers understand the options, resources and steps to transferring a farm business or farmland will be held February 12th from 9:00am to 3:30pm at UVM Extension classroom in Berlin VT (snow date of February 15th). Topics include why succession planning is important, retirement and estate planning, addressing tax issues in a transfer, legal entities and tool you can use to transfer farm assets, and determining your goals for retirement, business transitions, and your land. Local groups and experts will offer assistance to VT’s senior farmers.
“It’s never too early – or too late – to plan for your future and the future of your farm,” says Mike Ghia, Vermont Field Agent for Land For Good. “At no point is a farm’s future more at risk than during this transition,” says Ghia of farmers without proper succession or transfer planning assistance. Land For Good (LFG) is a non-profit organization that helps farmers navigate the complex challenges of land access, tenure and transfer. They also work with farmers who do not have an identified successor to whom to pass on the farm.
The workshop fee is $10 per farmer and includes lunch. For more information or to register, call Land For Good at 603-357-1600 or at landforgood.org/rsvp.
The workshop is sponsored by Land For Goodin partnership with Vermont Housing & Conservation Board, Dinse Law, Intervale Center, UVM Extension, and Yankee Farm Creditand is funded in part by the USDA National Institute of Food and Agriculture through its Beginning Farmer and Rancher Development Program.