Two live webinars will be offered at various University of Wisconsin-Extension offices across Wisconsin on Thursday, Aug. 25. This agricultural leasing webinar is the first of a series of webinars from UW-Extension that will focus on a variety of farm succession topics. This webinar will be offered at 1:00 pm and again at 6:30 pm.
While ag leases may not seem like a farm succession topic, they can be an important aspect to consider as farmers transition assets and management.
Leasing farmland and facilities may be a significant income stream for the owner generation, whether the plan is to rent to family or an unrelated party. Farms that are considering expansion to accommodate a successor may want to consider written lease agreements with their landlords to better ensure a stable land base for feed production and manure management.
This workshop is for both landlords and tenants to learn what their respective rights are when they enter an ag leasing contract. Phil Harris, retired UW-Extension farm law specialist, will lead the discussion on the following topics:
- Differences between verbal and written leases and the risks of a verbal lease
- What rights are being leased and what rights stay with the landlord
- Key terms and provisions that should be considered in lease negotiations
Participants will receive materials on various types of leases, including fixed and flexible cash rental arrangements, pasture rental arrangements and rental agreement for farm buildings and livestock facilities.
Not all locations are offering both sessions; some locations may charge a registration fee; please verify that information when contacting the host location for registration information about the Aug. 25 Ag Leasing Agreements webinar:
- Baldwin, contact UW-Extension St. Croix County - 715-531-1930
- Black River Falls, contact UW-Extension Jackson County - 715-284-4257
- Chippewa Falls, contact UW-Extension Chippewa County - 715-726-7950
- Elkhorn, contact UW-Extension Walworth County - 262-741-4961
- Juneau, contact UW-Extension Dodge County - 920-386-3790
- Medford, contact UW-Extension Taylor County - 715-748-3327 ext. 1
- Menomonie, contact UW-Extension Dunn County - 715-232-1636
- Merrill, contact UW-Extension Lincoln County 715-539-1078
- Montello, contact UW-Extension Marquette County - 608-297-3136
- Oconto, contact UW-Extension Oconto County - 920-834-6845
- Portage, contact UW-Extension Columbia County - 608-742-9687
- Sparta, contact UW-Extension Monroe County - 608-269-8722
- Waukesha, contact UW-Extension Waukesha County - 262-548-7770
- Waupaca, contact UW-Extension Waupaca County - 715-258-6231
- Wausau, contact UW-Extension Marathon County - 715-261-1230
- Wautoma, contact the UW-Extension Waushara County - 920-787-0416
The farm succession webinar series continues into this fall and through early spring of 2017. Future dates and topics are:
- Sept. 22 – Tax implications of transitioning from a sole proprietorship to an LLC – Kari Apel, CPA, CEO of Apel Associates (1:00 – 3:00 pm)
- Oct. 27 – Overview of succession planning – Joy Kirkpatrick, Center for Dairy Profitability – (1:00 – 3:00 pm)
- Nov. 17 - How Big is Your House? - How Big Does It Need To Be? Financial analysis for succession planning – Kevin Bernhardt, UW-Extension farm management specialist (1:00 – 3:00 pm)
- Jan. 26, 2017 - Estate planning – Bridget Finke, Attorney, Bakke Norman Law Offices (1:00 – 3:00 p.m.)
- Feb. 23, 2017 – Long Term Care: Planning for My Future Needs – Steve Shapiro, Medigap Insurance Specialist, State of Wisconsin Board on Aging and Long Term Care and the Wisconsin Office of the Commissioner of Insurance (1:00 – 3:00 pm)
- March 23, 2017 – Medicaid Eligibility and Recovery – Anthony Schmoldt, Attorney, Schmoldt Law Office (1:00-3:00 p.m.)