“Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent...
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Transcript of “Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent...
“Transferring the Farm in a High Stakes Era”
Trisha Wagner Jackson County UW-Extension Agent
Maria Bendixen Clark County UW-Extension Agent
National Farm Business Management Conference
June 2010
Objectives
Help producers discover how to address major issues that can lead to failure in a multiple generation farm business.
Provide the tools to develop a business plan. Make producers aware of the tax consequences of
transferring the farm. Address common business arrangements, issues,
concerns and questions. Provide guidelines for honest open communication of
goals and ideas about the farm operation and the transfer.
Why was the program developed Over the last several
years individual county agents had been hosting well attended farm transfer workshops. By offering these more regionally more resources could be used to bring in top notch information, and experts.
Program development and delivery
Marketing and management group material and tools used as a base
Annie’s Project format used as a guide
Designed specifically for a multi-generational audience
Include communication segment
Program Topics: Selecting the Farm Business Arrangement that Works for
you. Pros and Cons of the following business arrangements. Sole Proprietorship Partnership LLC/LLP S-Corporation C- Corporation
Program Topics:Tax considerations for farm
transfer Information on Wisconsin and federal tax laws that affect farm transfer including: Ordinary income tax Capital gains tax Estate tax Gift tax
Program Topics:Dealing with the 5 D’s
Strategies to plan for the 5 D’s Death Disability Divorce Debt Disaster
Program Topics So you want to farm (looking
at the numbers) Basic business planning for the next
generation: What does it take to get started? What do I need to live on? What can I reasonably expect to make?
Program Topics: Financial Considerations for
Retirement Future costs of health care? What do you need to live on? Can insurance cover some costs? What can I get from the farm?
Program Topics:The importance of
Communications in Farm Succession Communication between generations:
When (set up formal meetings) How (I statements, goal setting)
Participants
242 total participants 60% Transferring generation 40% Generation to be transferred to
Evaluation Summaries
Evaluation Summaries
Evaluation Summaries
Evaluation Summaries
Evaluation Summaries
Evaluation Summaries
Follow up Meetings in the Local County With the large group sizes the ability to ask
farm specific questions was reduced. Follow up meetings were held with out Ag law
specialist so that farm specific questions could be addressed.
The follow up meetings allowed farmers to get connected with their local county agent who could facilitate more discussion about the farm transfer.
Where do we go from here or what is the future of this program? Individual meetings with families Follow–up survey for participants
What are your goals? What steps have you taken to meet them? What resources do you need to meet them?
Factsheets: Meeting with your lawyer: what to prepare. Basics of the Will.
Thank You!
Trisha Wagner- Jackson County UW-Extension Agriculture Agent
Maria Bendixen- Clark County UW-Extension Dairy and Livestock Agent