For every farmer, a day will come when he or she can no longer work full-time. How will that impact Minnesotans' farm businesses and rural legacies?
Too often, these questions are avoided or put on hold because they don't seem urgent, and they are a bit uncomfortable. But planning now is vitally important. Whether 45 or 75, it is in farmers' best interest (and that of their loved ones) to understand the ins and outs of legal, tax, and family implications of farm business transfers.
Gary Hachfeld and David Bau, of the University of Minnesota Extension, are partnering with Renewing the Countryside and the Sustainable Farming Association to present their highly acclaimed workshop, "Farm Transition and Estate Planning: Create Your Farm Legacy," from 10 a.m. to 4 p.m. Aug. 17 at Library Building L105, M-State Fergus Falls.
From the workshop, attendees and their families will gain an understanding of transfer strategies, tax issues related to the transfer process, how to discuss methods for treatment of heirs, and learn how to go about developing a written transfer plan. The workshop will also discuss wills and trusts, life insurance, power of attorney, long-term health care, and more - all issues that help complete a farm succession plan. General assistance will also be available in the weeks after the workshop for those that are interested.
The cost is $25 for the first family member and just $10 for each additional family member (enter "family" as the discount code when registering). The fee includes a lunch and one workbook per couple. Register by Aug. 15 at http://bit.ly/FergusTransitions or call Sarah at 612.871.1541 with any questions or comments.
This workshop is made possible through a grant from the USDA Risk Management Agency.