Almost anyone can find themselves inheriting farmland—from family members and close friends to charitable organizations and more. According to findings from the United States Department of Agriculture’s (USDA) TOTAL survey, 80 percent of farmland is owned by non-operating landlords and more than half was inherited as a gift. When deciding whether to sell or keep the farm, consider the previous owners’ wishes and your unique situation.
Selling the Farm
Typically, those who sell need liquidity fast—to pay estate taxes, for example. Sometimes farms have several heirs, so selling the farm makes dividing the inheritance much easier.
Certified General Appraisers are experts in real estate value and can appraise the farm since its beginning. Once you determine its value, a Licensed Real Estate Broker and Auctioneer can assist in the transaction of selling the farm. Be sure to ask about their fees, selling methods and experience in the geographic area around the farm.
Keeping the Farm
People who keep the farm tend to have a strong family history and legacy tied to the property. The inheritance is oftentimes used 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.
For those who decide to keep the farm, put your trust in industry experts–including Attorneys, Accountants, Wealth Management Advisors and Professional Farm Management Services. 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.
Whether you decide to sell or keep the farm, put your trust in the experts at Busey Ag Services & Farm Brokerage—providing farm management, rural appraisals, agriculture consultations and farm brokerage services. Call 1.800.67 l Busey or visit busey.com or their location at 312 E. Main St. in Mahomet.