Farm Transitions and Succession Planning
Megan Harris-Pero shares tips at the recent Farm Transition Workshop
Check out our video series that helps farmers protect land, business, family & future
Left to Right: Edward Maxwell, EA (Tax Consultant) from Farm Credit East, Gary Kleppel, PhD and Pam Kleppel of Longfield Farm, Megan Harris-Pero, and Andrew Gilbert, Business Consultant with New York FarmNet at the Farm Transition Workshop in Town of Knox.
Attorney Megan Harris-Pero was pleased to participate in a Farm Transition Workshop at Knox Town Hall on February 10th, 2024. She spoke on a panel about “Wills, Trusts, Taxes, and Conflict Resolution”, and heard from and spoke with other community members and experts on this topic. She also enjoyed hearing succession planning stories from Commissioner of Agriculture, Richard Ball and his son Ethan Ball discussing Schoharie Valley Farms & the Carrot Barn, the VanAmburgh family discussing Dharma Lea Farm, and Gary and Pam Kleppel discussing Longfield Farm.
This event provided great discussions of real life succession plans and the importance of planning for farm transitions, which is a topic that she has been working to spread awareness on. Harris-Pero recently created a film series on Farm Succession Planning with Chris Jage of the Adirondack Land Trust.
Harris-Pero’s attendance at the Farm Transition Workshop was a perfect addition to her recent work on this video series and provided her the opportunity to speak with farmers and other experts in the community about the importance of creating a plan for farm transitions and how attorneys can help with your plans for the future.
Click each image below to watch the videos.
The first video with Adirondack Land Trust features an explanation from Harris-Pero on farm succession planning from an attorney’s perspective, which sets a course for the business and may include other forms of planning. She explains why farm succession is most successful when it occurs over time, and the importance of having a team of advisors.
The second video offers up an answer to the question from farmers, “What should I know before visiting an attorney?” Harris-Pero encourages farmers to identify their goals and find an attorney that they feel comfortable working with over the course of the process.
In the third video, Harris-Pero explains how elder care costs in New York can impact farmers, which makes planning for the future even more critical. She provides information on ways to pay for long-term care including Medicaid, and she encourages farmers to talk to an attorney about estate and retirement planning early on.
Finally, in the fourth video, Harris-Pero explains the roles of LLCs and trusts and the role they can play in helping farmers save money, as well as discussing land assets, Medicaid qualifications, and the New York Star exemption. She describes a few of the different options for farmers and their businesses.
Check out additional resources for farmers at the end of each video.
One of the panels at the Farm Transition Workshop
Megan Harris-Pero founded the firm with a desire to help farmers. A graduate of LeadNY, she participated in Cornell University’s agricultural leadership program and now serves on the board of the Agricultural Stewardship Association, an organization committed to conserving farmland. Harris-Pero and her team have worked with many agricultural clients and farming organizations to facilitate the farm succession and transition process.
At the Harris-Pero Law Firm, we provide succession planning to help farmers safeguard their land, business, family and future. Working with us and other experts, we will guide you in developing a plan and implementing strategies to transfer labor, knowledge, skills, management, decision-making, and ownership of your farm to the next generation, be it a family member or a new proprietor.
Harris-Pero and her team work with farmers and agricultural businesses across New York State. If you have questions, would like to learn more, or are ready to start the process with us, contact us today.