December 2007
Country Counsel by: Paul L. Wright, Attorney of Council
Key Points
FARM leases have received lots of press in recent months. Here is a different slant. Long-term leases are often put in place as farm succession planning gets attention.
There are a couple of reasons for a family to use long-term leases in farm succession planning. First, many farmers have concentrated their investment portfolio in farm assets, such as land, machinery and livestock. As a result there is limited variety of assets to be transferred to children. That means off-farm children may be distributed farm assets. The most common asset to transfer is real estate…Download full article here.
