What we did. Likely won't work for many but it was our plan. 
My farm was completely debt free. Had a nice line of modern equipment and a full year's production sitting in my bins. I asked my self what I wanted the farm to become. I certainly didn't want to saddle the operation with needing to buy land with after tax money so we portioned off about a quarter of the acres and gifted it to the new operator. Leased the remaining acres and equipment to the new operator. He can write off lease payments and they are un-earned income to us. It doesn't take a lot for us to live on so we can live what we consider "high" on not a whole lot of money and the farm still has enough free cash flow to build and improve itself.
Sooner or later, we'll be gone and the land, our savings, and our second home will pass, tax free. I had zero interest in controlling from the grave. Had a couple friends that farmed under a trust set up by the old folks and think that's intolerable.