Workshop Aims to Address Farm Succession Planning in Western North Carolina
Farmers and agricultural families in Western North Carolina are encouraged to take part in the N.C. Farm Succession School, a comprehensive one-day workshop focused on preparing for the future of their farms. Scheduled for March 27 from 9:00 a.m. to 3:30 p.m. at the Western North Carolina Regional Livestock Center located at 474 Stock Drive in Canton, this event will equip attendees with essential strategies for effective farm transition.
For a nominal fee of , participants will receive not only a full day of instruction but also lunch, making this an accessible opportunity for local farmers. Interested individuals can register online at go.ncsu.edu/farmlegacy.
The necessity for such workshops stems from concerning statistical trends within the agricultural community. Recent data indicates that over 50% of farmers in North Carolina are aged 65 and older, and projections from the U.S. Department of Agriculture suggest that approximately 70% of farmland is set to change ownership within the next two decades. This pivot in land ownership underscores the critical need for thoughtful succession planning.
Despite the pressing need for farm succession strategies, there exists a significant gap in preparedness; research reveals that nearly 60% of farmers do not have even a basic will in place. This lack of forethought could lead to severe complications, leaving farms vulnerable during probate proceedings. The U.S. Department of Health and Human Services forecasts that around 70% of individuals aged 65 and above will eventually require long-term care, with expenses averaging between ,000 and ,000 monthly. Insufficient estate planning may result in the forced liquidation of agricultural assets to cover these costs.
The N.C. Farm Succession School, organized by NC State Extension, will provide participants with valuable insights into family communication techniques, long-term care planning, conservation easements, and fundamental estate planning principles. By attending, farmers will not only gain access to expert advice but also receive practical tools designed to safeguard their farms’ legacies and facilitate a seamless transition to the next generation.
For further details and to secure a spot in this informative workshop, potential attendees are encouraged to visit the registration link mentioned above. This event presents an invaluable opportunity for Western North Carolina’s farmers to prepare effectively for the future, ensuring that their agricultural contributions endure for generations to come.
