Farm Transition and Estate Planning: Create Your Farm Legacy
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Farm Transition and Estate Planning: Create Your Farm Legacy provides farm families with the tools and skills to move forward with developing their farm business transition and personal estate plans.
Learning objectives for the one-day workshop:
- Establish individual, family, retirement and business goals as the foundation to the transition process.
- Understand farm business transition strategies and examples including business entities.
- Understand the need for determining the financial viability of the business.
- Understand tax issues in the transition process.
- Identify estate planning issues and strategies, including identifying a transition and estate planning team.
We also offer a one-and-a-half-day retreat that focuses on both transferring the financial business and transferring the management and responsibility of the farm business. The retreat is designed to be attended by both the entering generation and retiring generation involved in a farm. It allows time for significant planning and discussion within the farm family.
The retreat is a wonderful opportunity for families to help start the conversation needed to transition farm operations. — A past participant
This project is a partnership of Minnesota State College and Universities and UMN Extension. Funding support comes from the Minnesota Department of Agriculture.