The UW-Extension Offices in Clark, Taylor, Marathon, and Lincoln Counties will host 'What's Your Farm's Future? Farm Succession and Estate Planning' workshop to help provide information and idead on farm succession and estate planning.
The event is will be held from 8:30 a.m. to 3 p.m. Feb. 4, 2016, at Abbotsford City Hall, 203 N 1st St, Abbotsford.
UW-Extension is partnering with AbbyBank, the WDATCP's Farm Center, and UW Center for Dairy Profitability to offer these workshops.
A generation ago passing on the family farm was a simple process. Profit margins were higher, land values were lower, farm size was smaller, and tax rates didn't seem as significant. More often than not, a farmer could draft a simple will to transfer ownership to his children.
Today it takes planning and working with a team of professionals to effectively pass the business from today's owners to the next generation.
Transferring the farm business to the next generation is seldom an abrupt process. The succeeding generation needs to establish a firm financial footing as well as learn to manage the business. The retiring generation has to be willing to turn over management, but also know they'll be secure for their later years.
Developing a working plan will make the actual transition smoother and will make communicating the transfer details with on-farm and off-farm family members easier. Even if your transfer may happen a few years from now, starting early will help the process go more smoothly.
'What's Your Farm's Future? Farm Succession and Estate Planning' will explore these issues and considerations for farm succession in today's high stakes climate. Speakers include UW-Extension educators, ag lenders, Frank Friar (WDATCP's Farm Center), and attorney Anthony Schmoldt from Schmoldt Law Offices, Chippewa Falls. Topics to be covered include:
· Overview of farm succession and estate planning – how to get started
· Dealing with the 5Ds – death, divorce, disability, disaster, and disagreement
· Farm business entities, arrangements and their tax considerations
· Estate planning tools for farm families
· Lender panel – discussing what they'd like to see from beginning farmers when considering loans
The program begins with registration at 8:30 a.m. and concludes at 3:00 p.m. Registration is $20/person for the first two members from the same farm and $12/additional person and includes lunch, refreshments, speakers, and workshop materials.
To register, contact the Clark County UW-Extension Office by January 29 at 715-743-5121.