According to the 2022 Census of Agriculture, the number of farms in Laurel County is rapidly decreasing. Between the 2012 and 2017 Census reports, there was a 5% decrease.  The most recent data shows an additional decrease of 9%.  Approximately 98% of the operations are family farms; however, many farm owners are unaware of the proper planning needed to protect the farm as it is passed down through generations.

Even farm owners who have prepared a Last Will and Testament may not be aware of the need for specific allocations of real estate to prevent problems with heirs property laws. If a parent simply leaves a farm to be shared equally among their children and the children are unable to agree to a proper use or division of the real estate, the result could be the sale of the property, distribution of proceeds among the heirs, and the end of another family farm.

To educate local farmers about family farm succession, the Laurel County Agriculture agent collaborated with a local attorney who specializes in estate planning, wills, and trusts to present Estate Planning for Farm Families.  Utilizing the FCS Estate Planning publications from the University of Kentucky, the group learned legal terminology, options for passing down property, the need to be specific about inheritance distributions, and the importance of discussing final wishes for the disposition of property with the family members who are involved.

The twelve farm owners in attendance received a binder with copies of the University’s estate planning publications and guides for gathering information to set up their personal estate plan. A brief survey revealed that none of the participants currently had a proper estate plan, but all expressed the intention to start the process immediately.  They also requested that a follow-up workshop be presented to explore options such as trusts and limited liability corporations for family farms.