If you're an estate planner, financial advisor, or CPA working with high-net-worth families, you've probably noticed something: land is different. It doesn't behave like a stock portfolio. It doesn't move like residential real estate. And it certainly doesn't feel like a bond. Yet most advisors treat it the same way they'd treat any other illiquid asset—with a referral to a generalist agent and a hope that things will work out. They usually don't.

Over my years working with families, advisors, and institutions across the St. Louis region, I've learned that land isn't just another asset class to liquidate. It's a category unto itself—one with unique risks, hidden complexities, and surprisingly high stakes. And if you're advising clients who hold significant land or farmland, you need to understand why treating it differently isn't optional. It's essential.

Why Land Is Fundamentally Different

Let me start with the obvious: land is illiquid

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