Harvest Heritage: Inheriting Farmland

The Morning Show

CHAMPAIGN — From family members and close friends to charitable organizations, almost anyone can find themselves inheriting the farm. 

Matt Rhodes, Vice President & Farm Manager of Busey Ag Service sits down with us to explain the options. 
Who owns America’s farmland? According to findings from the USDA (Source: 2014 Tenure, Ownership, and Transition of Agricultural Land Survey or TOTAL), there are: 
911 million acres of farmland in the U.S. (excluding Alaska & Hawaii)
2 million landowners who manage or rent
80 percent of all rented farmland is owned by non-farming landlords and: 
More than half was inherited or received as a gift 
87 percent of these landowners don’t farm, although many have experience in farming
For farmland owners, it is critical to communicate your wishes openly with loved ones. 
If you find yourself inheriting the farm, what are your options? 
First, decide whether to sell or keep the farm. 
Those who sell:
Typically need liquidity quickly. For example, to pay estate taxes.
Sometimes they have several heirs, which makes dividing the inheritance much easier.
Those who keep:
Use their inheritance as a long-term investment. Farmland is a consistent income-earner over time and presents a nice supplementary income to those who have adequate primary sources.
Have a strong family history and legacy with the farm.
Second, get expert advice.
Organizations, like Busey Ag Services & Farm Brokerage, are well-versed in working with landowners who have the desire to keep the farm but lack the time and resources to do it on their own.   
What resources are available?
Those who want to sell the farm can get expert advice from: 
Certified General Appraisers
The experts in real estate valuation can appraise the farm since its beginning. 
Licensed Real Estate Brokers and Auctioneers
These professionals can assist in the transaction of selling the farm.
Key thoughts and questions:
Explore your options for the farm
Ask about their fees, selling methods and experience in the geographic area around the farm. 
Those who want to keep the farm can get expert advice from: 
Professional Farm Management Services
Wealth Management Advisors
How can Busey Ag Services & Farm Brokerage help?
Busey Ag Services & Farm Brokerage helps farmers and agribusiness owners maximize the yield on their investment. 
With nearly 150 years of experience, trust our team to provide the answers and support you need to ensure your business succeeds. We can meet your unique needs with:
Services for ag investment clients including farm management, rural appraisals and agriculture consultations
Lending solutions—whether you need a loan for production expenses or to purchase land and equipment
As a farmland real estate brokerage firm, we can assist you with a sale or purchase of properties, market analysis and market studies. 
Put your trust in the experienced team at Busey Ag Services & Farm Brokerage. Call 1.800.67 l Busey or visit busey.com today. 

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