Farm Transition and Estate Planning Workshop

Description

Stevens Point, Wis. – 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.
The University of Wisconsin-Extension will host workshops in Stevens Point on Feb. 12 to provide information and ideas on farm succession and estate planning.

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 Transition and Estate Planning will explore these issues and considerations for farm succession in today’s high stakes climate. The two locations will offer the same agenda. Topics to be covered include:

• Blueprint for Farm Succession- (Where are you now, where do you want to be, how do you get there?)

• Financial considerations for each generation – What can your farm actually support?
• Medicaid Recovery – How this may affect your farm succession.

• Business entities and tax consequences when transferring assets.

To register for the Stevens Point meeting on February 12, contact the Portage County UW-Extension office by February 5, 2016 at 715-346-1316 or register on-line.