American Farmland Trust estimates more than 150 million acres of U.S. farmland could change hands over the next 10 to 20 years as older landowners retire. That could represent more than 40 percent of U.S. farmland. The transition is increasing the focus on estate and succession planning. Without a plan, land may be divided among multiple heirs, potentially leading to family disputes, forced sales or farm fragmentation. Trusts, LLCs and buy-sell agreements can help with the transition, but the report emphasizes beginning family conversations before the land changes hands.
