Agricultural Business Management News

The U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) in Minnesota is holding a public Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) webinar with the University of Minnesota Extension at 2 p.m. on Jan. 26, 2022. Farmers and others involved in agriculture will have an opportunity to learn more about the ARC/PLC programs and factors to consider when making elections for the 2022 crop year. The ARC and PLC programs provide financial protections to farmers from substantial drops in crop prices or revenues and are vital economic safety-nets for most American farms. Producers can elect coverage and enroll in crop-by-crop ARC-County or PLC, or ARC-Individual for the entire farm, for the 2022 crop year. Although election changes for 2022 are optional, enrollment (signed contract) is required for each year of the program. If a producer has a multi-year contract on the farm and makes an election change for 2022, it will be necessary to sign a new contract. The

by Megan Roberts, Extension educator 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.  Webinar #1: Developing your farm transition goals and assembling your “team" Webinar #2: 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? Webinar #3: Wills, trusts, ownership titling—What does it all mean? Webinar #4: Putting the basics together: estate, retirement, healthcare, and business transfer planning—How are they different and how are they similar? Materials from the webinars, including the slides, are available for download