By Dr. Noah Ranells
NC Farmlink Director, Eastern NC
RALEIGH – As agriculture continues to be a cornerstone of Johnston County’s economy, farm succession planning is emerging as a vital tool for ensuring the long-term success and sustainability of local family-owned farms. The North Carolina Cooperative Extension’s NC FarmLink program is dedicated to providing resources and support for farmers who want to ensure their farms are passed down successfully to the next generation.
Farm succession planning can be a complex process, requiring thoughtful consideration of financial, legal, and operational aspects. A well-crafted succession plan ensures the continuation of a farm’s legacy while addressing potential challenges such as retirement, family dynamics, and estate planning.
Why Farm Succession Planning Matters:
● Continuity of Agricultural Operations: Succession planning ensures that the business operations, land, and resources of the farm are maintained for future generations, avoiding disruptions and financial loss.
● Family Legacy: For many farm families, the land is more than just a business; it’s a legacy. Succession planning allows families to preserve traditions while setting clear goals for the future.
● Financial and Tax Benefits: A solid succession plan can reduce tax burdens, minimize disputes among heirs, and create financial stability for the future.
Eastern North Carolina farmers and farm families are invited to participate in the NC Farm Succession School, a full-day workshop designed to help you plan for your farm’s future. With more than half of North Carolina’s farmers now over the age of 65, and USDA projections showing nearly 70% of farmland will change ownership within the next 20 years, farm succession planning is more critical than ever.
Transitioning a farm estate can feel daunting. Many farmers don’t know how or where to begin, and as a result, never start. Unfortunately, this lack of planning can leave farms vulnerable during probate. For example, the U.S. Department of Health and Human Services estimates that 70% of people aged 65 or older will require long-term care—costs that can range from $5,000 to $10,000 per month. Without proper estate planning, farms may be at risk of being liquidated to cover such expenses.
The North Carolina Cooperative Extension is offering a Farm Succession School in Kinston on March 6, 2025 from 9 am to 3:30 pm. This workshop will cover key aspects of farm transitions, including estate and tax planning, legal structures for farm transition, family communication and conflict resolution, and financial planning for the next generation. The registration fee is only $25 and includes a catered lunch. Register at go.ncsu.edu/farmlegacyeast.
For more information on farm succession planning and upcoming workshops visit ncfarmlink.ces.ncsu.edu or call NC Farmlink’s Eastern NC Director, Dr. Noah Ranells at 919-245-2053.
NC FarmLink is a program of NC State Extension & NC Cooperative Extension that provides awareness and outreach on options for farm succession, transition, and long term stewardship of farmland. It also manages the Farmland Matching Database which allows landowners, diversifying farmers, and new and beginning farmers to create no cost online profiles to connect and keep NC farmland productive.
