ORANGEBURG COUNTY, S.C. — Helping farmers build generational wealth is the goal of the 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 go with whatever the market is doing," said area agribusiness agent Charlotte Maxwell.
From supply chain issues, to inflation and climate changes, the Clemson Extension says farmers have to brace for the unexpected and plan accordingly.
They learned how to factor this into their decision to either rent or own land.
“I am losing out on equity from ownership of that particular property, it’s very costly. I may not be able to bring in the next generation because of associated costs because I can’t use that property as an edge for equity to get more property and wealth and generational wealth," said assistant director of Clemson Agribusiness Adam Kantrovich.
Senior farmers learned how to develop a plan to pass on 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 heirs property owners and succession planning, transition planning, and stake planning, will help solve many of those particular issues so that they don’t reoccur," said Kantrovich.
The extension agribusiness team offers itself as a resource to help farmers through the process.
“Prepare you for the next steps to be able to seek legal assistance through an attorney and tax professional," said Kantrovich.