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Planning Your Farm’s Future

June 28, 2012 @ 4:00 am - 7:00 pm

From MEP member groups Renewing the Countryside and the Sustainable Farming Association

This workshop will help you understand your succession options, and how to find and prepare for working with legal and financial professionals. Thursday, June 28, 4-7 p.m., Carleton College Alumni Guest House.

Renewing the Countryside and the Sustainable Farming Association have organized a workshop to help farmers and farm-land owners in creating a transition plan for their business and assets.

A day will come when you will no longer be able to farm full-time. Or, perhaps, you’re one of those rare farmers who will want to retire! How will that impact your farm business? How will that impact your farm legacy?

Too often, these questions are avoided or put on hold because they don’t seem urgent, and frankly, they are a bit uncomfortable. But planning now is vitally important. Whether you’re 45 or 75, it is in your best interest (and that of your loved ones) to understand the ins and outs of legal, tax, and family implications of farm business transfers.

The workshop will discuss wills + trusts, life insurance, power of attorney, long-term health care, and more – all issues that are included in a farm succession plan. A panel of farm succession professionals will discuss how to find and prepare for working with a legal and financial team of support specialists. We will facilitate a question-and-answer session to ensure that topics specific to your situation will be discussed. A resource packet will provide information on various transfer strategies, tax issues related to the transfer process, how to discuss methods for treatment of heirs, and how to develop a written transfer plan. General assistance will also be available following the workshop for those that are interested.

The cost is $15 for the first member of the family and just $5 for each additional family member (enter “family” as the discount code when registering below). The fee includes a packet of resource materials to help you develop your succession plan, and light refreshments. Please register by June 25th. 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.

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June 28, 2012
4:00 am - 7:00 pm