Farm transition workshop comes to St. Augusta Wednesday

Farm Business Management of St Cloud Technical and Community College and Centra Sota Cooperative has joined with the University of Minnesota Extension to present “Farm Transition & Estate Planning: Create Your Farm Legacy.”

The workshop is Wednesday, Feb. 13, beginning at 9:30 a.m. at the St. Augusta American Legion in St Augusta. From I-94, take exit CR7/CR75 exit # 171. Travel south for approximately 1¼ miles on CR 75, turn right on 247th St. and the Legion is located on the north side of the street.

This full-day workshop is filled with practical information and strategies to help farm families begin the process of transferring the farm business to the next generation.

In “Farm Transition & Estate Planning: Create Your Farm Legacy,” participants will get a greater understanding of transfer strategies and tax issues related to the transfer process. They will also discuss methods for treatment of heirs in the transfer process and learn how to go about developing a written transfer plan. As part of the workshop, participants will be given time to complete worksheets related to the application of different transfer strategies as well as listing personal, family, and farm business goals. The result is the beginning of a farm business transfer plan.

Estate planning is a crucial part of the transition process as well. The workshop also includes a discussion of wills and trusts, life insurance, power-of-attorney, long-term health care issues, and more. This information will help to complete the transfer plan.

A registration cost of $15 per person will be charged.

Space is limited. To pre-register for the workshop, contact Craig Roerick at roer0040@umn.edu or the Stearns County Extension office at (320) 255-6169, Benton County Extension office at (320) 968-5077, Morrison County Extension office at (320) 632-0161.

The workshop is jointly sponsored by Farm Business Management of St. Cloud Technical and Community College and Centra Sota Cooperative in cooperation with University of Minnesota Extension.

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