Why Every Illinois Farmer Needs a Succession Plan

Family farms are the backbone of our region—and some of the most complicated businesses to transition from one generation to the next. Without a clear succession plan, even strong family relationships can face conflict, tax surprises, and uncertainty.

1. The Stakes Are High

Farmland values in Illinois have climbed dramatically. That means:

• Larger taxable estates

• More complex ownership structures

• Higher risk of disputes among heirs

A thoughtful plan protects the land, the family, and the operation.

2. What a Farm Succession Plan Includes

A comprehensive plan might involve:

• Wills and trusts

• Business entities (LLCs, corporations)

• Buy-sell agreements

• Long-term leases

• Gifting strategies

• Life insurance

• Conservation or land-preservation options

Every farm is different—row crop, livestock, multi-parcel operations—so the plan must match the operation.

3. Keeping the Farm Intact

Many farmers want to keep the farm together for the next generation. Strategies may include:

• Equalizing inheritances for non-farming children

• Allowing one heir to farm while others receive financial assets

• Using LLC structures to avoid fractionalized ownership

• 
  

4. Planning for Long-Term Care

Nursing-home costs can put farmland at risk. Elder-law and Medicaid-planning tools can help protect farm assets if a parent needs extended care.

5. Talk Early, Talk Often

The hardest part of succession planning is the conversation itself. Families who talk openly—long before a crisis—nearly always have smoother transitions.

Karlin Raver has deep experience with farm families throughout west-central Illinois. We help families protect their land and preserve their legacy.

In the end, the right attorney can make a world of difference in your legal journey. Take the time to choose wisely, and you will be better prepared to face whatever challenges lie ahead.