2023
Understanding the Farm Estate Planning and Succession Planning Needs in Maryland
Contributor/Checkoff:
Category:
Sustainable Production
Keywords:
Economic studies
Parent Project:
This is the first year of this project.
Lead Principal Investigator:
Paul Goeringer, University of Maryland
Co-Principal Investigators:
Project Code:
71823
Contributing Organization (Checkoff):
Institution Funded:
Brief Project Summary:
This project runs a needs assessment related to estate and succession planning for Maryland agricultural producers. This assessment would allow the Department of Agricultural and Resource Economics (AREC), the University of Maryland Extension (UME), and the Agricultural Law Education Initiative (ALEI) to develop better outreach and educational resources that meet the needs of Maryland agriculture. The goals include providing UMD faculty with better understanding of the current needs of Maryland ag producers regarding estate and succession planning, developing better educational resources and workshops related to these topics and increasing participation in future estate and succession planning workshops based on survey results.
Key Beneficiaries:
#agrifinance, #agronomists, #Extension agents, #farmers
Unique Keywords:
#economics, #education, #estate planning, #succession planning
Information And Results
Project Summary

The proposed project would be used to run a needs assessment related to estate and succession planning for Maryland agricultural producers. This needs assessment would allow the Department of Agricultural and Resource Economics (AREC), the University of Maryland Extension (UME), and the Agricultural Law Education Initiative (ALEI) to develop better outreach and educational resources that meet the needs of Maryland agriculture.

Surveys done during the UME Winter Agronomy Meetings have highlighted that succession and estate planning needs are often in the top 3 legal issues impacting agricultural operations in the state. This proposed project would cover a portion of the costs of students to assist with the data management and data analysis that will be required with a comprehensive needs assessment in a programmatic area.

Project Objectives

1) UMD faculty will better understand the current needs of Maryland ag producers regarding estate and succession planning.
2) Better educational resources and workshops related to this needs assessment will be developed.
3)Increase participation in future estate and succession planning workshops based on the results of the proposed survey.

Project Deliverables

Progress Of Work

Update:
Report and poster attached

View uploaded report Word file

View uploaded report 2 PDF file

Update:
Work has been limited to redeveloping the farm succession workshop series. We are in the process of developing new tools and resources to better address the needs brought up in the survey. We are working on hosting a modified workshop based around the survey results later in February. I'm also in the process of getting an undergrad project developed for further analysis to be done.

Final Project Results

Updated June 4, 2024:
Work has progressed, we are utilizing the results to revision how we have established our succession and estate planning workshops for producers. At the same time, the results show were operations struggle with finding qualified attorneys and other professionals to assist them in handling these plans. We are looking at ways to develop professional development for attorneys that will further expand the network in the state that operations can rely on. These appear to be two of the most needed things seen over the years and the survey helps back that need up. This survey work will greatly help us to improve all around how the workshops are handled in the state. At the same time, we are looking for an undergraduate wanting research experience with data to take off more analysis with this survey and survey results from other states to look for common themes and other things that could be used to benefit operations in the state.

Final project results are expanding the way we handle succession planning in the state and developing resources that work for growers. Based on the results we are already looking for external funding opportunities to develop those resources out.

Benefit To Soybean Farmers

The United Soybean Research Retention policy will display final reports with the project once completed but working files will be purged after three years. And financial information after seven years. All pertinent information is in the final report or if you want more information, please contact the project lead at your state soybean organization or principal investigator listed on the project.