Program aims to help farmers achieve generational wealth
From supply chain issues to inflation and climate change, Clemson Extension says farmers need to prepare for the unexpected and plan accordingly.
ORANGEBURG COUNTY, SC — Helping farmers build generational wealth is the goal of Clemson Extension’s Land Acquisition, Transfer and Stewardship Workshop.
“Farming is very unpredictable and we’re also price takers when you’re in farming, so you have to follow whatever the market is doing,” said Charlotte Maxwell, the region’s agribusiness officer.
From supply chain issues to inflation and climate change, the Clemson Extension says farmers need to prepare for the unexpected and plan accordingly.
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They have learned to factor this into their decision to rent or own land.
“I am losing ownership equity of this particular property, it is very costly. I may not be able to bring in the next generation because of the associated costs because I cannot use this property as an advantage to get more assets, wealth and generational wealth,” said Clemson Agribusiness deputy manager , Adam Kantrovich.
Elder farmers learned to develop a plan to pass their farmland to the next generation.
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“We have a lot, especially in the Lowcountry, in Orangeburg and elsewhere, a lot of heir owners and estate planning, transition planning and stakes planning, will help address a lot of those particular issues so that they don’t reproduce,” says Kantrovitch.
The Agribusiness Extension Team presents itself as a resource to help farmers through the process.
“Prepare for the next steps to be able to seek legal assistance through a lawyer and a tax professional,” Kantrovich said.