by Megan Roberts, Extension educator
As harvest concludes and winter begins, many in farming sigh a sense of relief as the busiest times of the year are in the rearview mirror. The colder season of the year has it own sense of busyness though. As farmers, we often use this time of year for planning and management. A sometimes overlooked part of farm management is farm transition and estate planning. If you haven’t thought about your farm transition and estate plan in a while—or ever—now is a great time start.
University of Minnesota Extension is presenting four webinars on introductory farm transition and estate planning topics this December. Webinars are held Wednesdays from 10 –11:30 a.m. and are no cost to attendees. The first hour will be a presentation, with the remaining time available for Q&A. Pre-registration is requested; meetings held virtually on Zoom. Attend one or attend all four!
Whether young or old, a long-time farm owner or an aspiring beginning farmer, these webinars are designed to give the basics around terminology related to farm ownership, farm transfer, and estate planning.
- December 1: Developing your farm transition goals and assembling your “team”
- December 8: All things tax: gifting, selling, and transferring – What are the differences? What are the tax implications? What should I include in my farm transition plan?
- December 15: Wills, trusts, ownership titling—What does it all mean?
- December 22: Putting the basics together: estate, retirement, healthcare, and business transfer planning—How are they different and how are they similar?
You can register for the series at z.umn.edu/farmtransitionevents. In early 2022, University of Minnesota Extension, in collaboration with Minnesota State Farm Business Management, will offer additional farm transition planning events for farmers, including two farm transition retreats for farm families. The retreat locations for 2022 include Alexandria or Mankato.
