A recent Successful Farming magazine’s article caught my attention because it indicated that today, farmers are retiring in greater numbers than in the past decade. It pointed out that when profit margins are tight, more transitions occur, but the next generation isn’t eager take over operation of a farm because cash returns are declining. So in many instances, rather than following in mom and pop’s footsteps, the kids are more likely to want to sell the farm, because good Midwest farmland is selling for $10,000 or more per acre, which looks like a better deal for children to consider. However, some farmers are placing their farms in trusts so they can’t be sold, to protect a legacy that retiring parents worked to build through hard work and sacrifice throughout their lives. They aren’t about to see their children sell off everything.
