In one of those really long threads it was brought up that you can now transfer up to 15 million in assets BEFORE death, as a gift. 

So, I think there's two problems to that. Let's say the retiring farmer owns a 240. If he truly gifts it to the next generation, then he forgoes the income off of that property, unless some kind of other under the table arrangement is made. The other problem is that the designee does not get stepped up basis on what's transferred. So if it's traded or sold it will be valued at the orginal value it was purchased at. Which could be a substantial issue. At least this is how I understand it.