HEIRS PROPERTY AND SUCCESSION PLANNING FOR FARMERS, LANDOWNERS, AND FORESTERS A Webinar for Small Business Counselors & Cooperative Extension Agents HOSTED BY THE NC GROWING TOGETHER PROJECT AT THE CENTER FOR ENVIRONMENTAL FARMING SYSTEMS Presented by: Mavis Gragg, Gragg Law Firm, Durham, North Carolina and the North Carolina Rural Center www.ncgrowingtogether.org www.localfoodeconomies.org This material is based upon work that is supported by the National Institute of Food and Agriculture, United States Department of Agriculture, under award no. 2013-68004-20363. Any opinions, findings, recommendations, or conclusions expressed in this publication are those of the author(s) and do not necessarily reflect the view of the U.S. Department of Agriculture.
Our Agenda Today NCGT Introduction to Webinar & Overview of the GoTo Webinar Platform Presentation from Mavis Gragg, Gragg Law Firm Question & Answer Session Welcome!
ABOUT THE PLATFORM GoTo Webinar Platform You will be automatically muted this helps cut down on background noise and data overload! You can interact with presenters by raising your hand or submitting questions through the Chat Box. If you have trouble during the webinar, send a private message to Emily by right-clicking on her name in the sidebar and selecting Send Private Message. Your chat box questions will be answered during the Q&A session at the end of the presentation.
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N C G R O W I N G T O G E T H E R A T T H E C E N T E R F O R E N V I R O N M E N T A L F A R M I N G S Y S T E M S Farmer capacity Food safety, market channels, production techniques, buyer connections Supply chain expansion Wholesale and institutional partner connections, infrastructure assessment and business feasibility North Carolina Growing Together is a five-year USDAfunded project aiming to strengthen and expand local and regional food supply chains and to model this work for other geographies in the U.S. Producer & processor capacity Resource development for meat, dairy, seafood, produce, and valueadded products Supportive business environments Local government integration; small business development and support for food-based entrepreneurs
Heirs Property: Standing on a Lot of Love
Heir Inherit Concepts Transfer Deed Cooperative
Strong Roots, New Growth
What is Heirs Property? Key Characteristics: Family owned land Most owners inherited their share Multiple owners
The Beginning Heirs property begins with a single owner.
The Heirs Michael Sammy Aretha Stevie 1/4 1/4 1/4 1/4
Cooperative Land Ownership Jointly owned Right to occupy/use the real estate Pooled resource for the benefit of all
Benefits Legacy Economic Stability Community Resource Multi-generational use and wealth Source of food, income, place to live, and use as collateral Value-added agriculture, plus cultural and political value
Family Land Cooperatives Around the World United States Bougainville Ghana Tanzania
Family Land Cooperatives in the United States
Legal Structure of Heirs Property Tenants in Common Unique and creates vulnerabilities Ability to Transfer to 3rd Party Unanimous Decision Making
Challenges Legal Structure Complex, restrictive, and creates vulnerabilities resulting in loss Financial Could be costly and lack of co-owner cost share Social Access to Resources Source of conflict, various interests, and different values Many people don t know how to get help
Addressing Legal Challenges Family Tree Title Search Owner decisionmaking New ownership structure
Addressing Social & Financial Challenges Owners need to get informed about HP Mediation Approach resolving issues in stages
How can 3rd party service providers help? Addressing Access to Resources Provide basic information Be aware of resources available to your community and connect landowners to them Host learning and networking events for heirs property landowners
Thank You!!! Questions???
U P C O M I N G W E B I N A R S July 18 August 10 September, October, and November (Dates TBD) Restaurant and Food Businesses: How to Support & Expand Entrepreneurial Food Trademarks: Protecting Your Food, Farm, or Brewery Business Integrating Local Foods Training into Culinary Programs at Community Colleges www.ncgrowingtogether.org/events