It doesn't matter if you are 80 or 30 years old, it is time to think about and develop a plan for how you would like your farm to be transferred to the next generation. By creating a plan and then executing it, you will be in control of how the process occurs and facilitate a process that will allow you to develop a plan that respects YOUR wishes, protects your assets from health care, and could save you taxes by passing the value to your spouse/your kin/selected recipient. Typically getting started sooner is the best plan! Take a look at the series of recorded presentations on this topic at the links provided below. Also, note there is a study guide that is available at your request which helps as you go through these recordings. We are planning to host another one of these workshops in St Louis County next winter and this would be a great way to prepare!
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Farm transition webinar recordings available In December, University of Minnesota Extension hosted a webinar series on introductory farm transition and estate planning concepts. Recordings of those sessions are now available for viewing on YouTube. Whether young or old, a long-time farm owner or an aspiring beginning farmer, the webinars were designed to give the basics around terminology related to farm ownership, farm transfer, and estate planning.
Materials from the webinars, including the slides, are available for download at z.umn.edu/Decemberwebinars. |