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Having a strong farm transition plan ensures your farm – and anyone involved in running it – are set up for success.

As Doug Young wrote in this article from the February 1978 issue of Milk Producer, arriving at a satisfactory working agreement involving the transfer of farm assets from one generation to another is one of the major challenges perpetually facing dairy farming families.

More than 45 years later, this still holds true. What has changed, however, is that women now run farms and have voices in the process, alongside their fathers, brothers and husbands.

“Advice on the types of arrangements and possible tax consequences should be investigated thoroughly,” Young writes, and advice should be sought from a variety of professionals including accountants, lawyers, and even staff at the Ontario Ministry of Agriculture, Food and Rural Affairs.