2023
Understanding the Farm Estate Planning and Succession Planning Needs in Maryland
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Contributor/Checkoff:
Maryland Soybean Board
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):
Maryland Soybean Board
$2,000
Institution Funded:
University of Maryland
$2,000
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

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.